PA Housing Market Continues to See Tight Housing Inventory

real estateImage by Paul Brennan

LEMOYNE, PA — Homebuyers continue to face inventory and price challenges in the Pennsylvania housing market, according to a recent report from the Pennsylvania Association of Realtors®. Listings dropped 14% in April compared to March this year and were down 33% compared to the same time last year.

“Like most areas of the country, Pennsylvania has lots of consumers interested in purchasing a home, but the market has a shortfall of available properties,” said Christopher Raad, PAR president. “We’ve seen a steady decline in inventory since July last year. There was a slight uptick when our market reopened after the pandemic shutdown, but there aren’t enough homes to meet current buyer demand.”

“We continue to see less than a two-month supply available, which makes it challenging for every level of the market. Homeowners who are able to sell their property quickly then often have a dilemma finding a place to move to,” he added.

The report shows sales were up 38% in April 2021 compared to the same time last year, which reflects the effect last year’s shutdown had on the market. They were also up slightly over March of this year.

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“Prices have consistently increased as the inventory has shrunk,” Raad said. “The median sales price for April was $183,820, 11% higher than the same time last year.”

“Working with a trusted real estate professional as you make one of the largest investments in your life is so important during this market. Realtors® help you understand the steps in the transaction, whether you’re buying or selling,” he added.

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