PA Home Median Prices Still Rise, As Sales Drop

LEMOYNE PA – The median sales price of homes in Pennsylvania rose again in July 2022, up several thousand dollars from June, but the number of homes sold statewide was down slightly from the previous month and fell significantly from July 2021 statistics, according to a monthly report from the Pennsylvania Association of Realtors.

There were 13,096 homes sold in Pennsylvania during July, down slightly from June and down about 19 percent from the previous year, the real estate trade group reported. During July, the median price was $219,154. The median sale price is considered a “middle value,” the amount between the lowest and highest prices.

“We’re still seeing strong demand for homes in most markets and competition for those properties,” association President Christopher Beadling said. “However, conditions are making it harder for first-time buyers to enter the market,” he added. Higher prices combined with higher mortgage rates “is causing an affordability issue for some potential home buyers.”

Photo by Alexander Andrews on Unsplash, used under license