The Pennsylvania Association of Realtors®’ latest housing market report for September reveals a slight dip in home prices, but the encouraging news is that more homes are hitting the market.
In September, the median sales price for residential properties edged down to $295,000, marking a 3% decrease from August. Despite this drop, prices remain 9% higher compared to September of last year.
On the inventory front, there are signs of progress. Active listings rose by 3% from August, reaching nearly 38,800 homes. This represents a substantial 28% increase from January 2024, making last month’s inventory the highest seen this year.
However, home sales did experience a dip, with 9,538 homes sold in September, down from August and reflecting a 6.5% decline compared to September 2023.
While price fluctuations have been minimal, the increase in available homes offers buyers more options in a market that has been highly competitive over the past year. This growing inventory signals a gradual shift toward a more balanced housing market.
In response to recent changes in the real estate industry, buyers are now required to sign a written agreement with their agent before touring a home. It’s crucial for Realtors® to thoroughly explain the terms of these agreements, ensuring clients fully understand the services they’re receiving, as well as the associated costs, before committing.
Realtors® play a vital role in guiding buyers and sellers through the real estate process, helping them navigate transactions smoothly and reach their goals.