BY PR Newswire | ECONOMIC | 09/23/22 10:03 AM EDT

LEMOYNE, Pa., Sept. 23, 2022 /PRNewswire/ -- For the first time since February, the median price for existing homes sold in Pennsylvania fell month over month, dropping 4.7% in August compared to July, according to a report prepared for the Pennsylvania Association of Realtors?. The median existing home sales price was $209,794 in August, up 5% year-over-year, but down from July's record high of $219,154.

Pennsylvania Association of Realtors

Existing home sales remained steady with 13,486 homes sold in August, up slightly from July and down about 15% from the previous year.

The number of listings was down in August, with 40,809 reported, a decrease from 43,275 the previous month and down 22.3% from the previous year.

"Sales of existing homes has remained steady in Pennsylvania throughout 2022, but sales are still down overall from last year and that's in large part due to the limited available homes for sale," said PAR President Christopher Beadling. "Pennsylvania continues to see about a three-month inventory of homes, which is down 16% from the previous year."

"Homebuyers face the challenge of rising mortgage rates and prices that are up more than 5% compared to last year, however, current mortgage rates are still very reasonable," Beadling said. "Working with a real estate professional can help buyers navigate the homebuying process and sellers ensure their homes are priced properly for today's market."

The Pennsylvania Association of Realtors? is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.?

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SOURCE Pennsylvania Association of Realtors

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