The housing market in Pennsylvania saw a big increase in March. Sales, listings, and median sales prices all went up, which shows that the spring homebuying season is off to a strong start. Although there has been a decrease compared to the previous year, the increase from month to month indicates a good time for both buyers and sellers to participate in the market.
A recent report for the Pennsylvania Association of Realtors® (PAR) shows that home sales in March increased by 23.6% compared to February, with a total of 8,790 transactions. However, sales have decreased by 10.5% compared to March of the previous year. The President of PAR, Preston Moore, pointed out that there is usually more activity during springtime. He mentioned that this year’s early numbers are looking good.
The median sales price of homes increased by 9% from February to $224,757. This is a 10.5% increase from March 2023. The increase in home values is due to a competitive market where there are not many houses available and lots of people wanting to buy.
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In March, the number of homes available for sale increased by 7.6% compared to February, reaching a total of 33,233 listings. Even though there has been some improvement, the number of homes available for sale is still 11.2% lower compared to the same time last year. This shows that there are still ongoing difficulties with the availability of housing.
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Moore highlighted the benefits of working with a Realtor® to help navigate the complexities of the current real estate market. Realtors® are important because they use their knowledge of the market and access to property listings to help both buyers and sellers. They also have good negotiation skills and can provide guidance throughout the transaction process.
The real estate market in Pennsylvania is experiencing a strong increase in activity during the spring season. This shows that the market is going through a period of recovery and adjustment. The increase in listings helps a bit with consumer demand, but the market still has problems with affordability and limited supply. As the season goes on, people who have a stake in the market will be closely watching for things that could affect how it does in the next few months. This includes things like interest rates, how the economy is doing, and any new policies that could affect the housing sector.
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