January Home Sales Dropped in Pennsylvana Reflecting Lower Inventory

home for saleImage by Mohamed Hassan

LEMOYNE, PA The number of home sales in Pennsylvania fell 29% in January compared to the previous month and are down about 4% compared to the same time last year, according to a report prepared for the Pennsylvania Association of Realtors®.

Home sales in January were 9,920, compared to 13,997 in December 2021. And the number of homes listed continues to be a challenge, falling nearly 6.6% in January 2022 compared to the previous month.

“As the number of homes on the market continues to fall, we’re seeing fewer home sales,” said PAR President Christopher Beadling. “We’ve seen the number of listings continue to drop about 40% since July last year.”

In January, inventory was at a 2.29-month supply, with six months considered a balanced market. This was down 34% compared to the same period last year.

The median home price in January was $190,381, up 10% over the same period last year, but down about 2% from December 2021.

READ:  BHHS Fox & Roach: Home Sales Are Down, But Demand Remains High

“Mortgage rates have gone up slightly since September but are still extremely attractive. We’re continuing to see buyers enter the market looking for a place to call home and it’s important for them to have realistic expectations. More people are putting bids in on the same house,” Beadling added. “It may take a little longer than they anticipated to find the home of their dreams.”

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