LEMOYNE, PA — The Pennsylvania housing market showed stability in August, with consistent prices, demand, and supply levels, according to a report for the Pennsylvania Association of Realtors®. The median home sales price stood at $305,000, matching July’s figure and marking a 7% increase from August 2023.
The volume of homes sold was steady, totaling 11,514, reflecting a slight 1% decrease from the previous year. Listings increased by 3.5% to 37,664 during the same period.
“We’ve been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces,” commented PAR President-elect Bill Lublin. He added that while multiple offers remain common, they are less frequent than last year, giving buyers more opportunities.
In addition to market trends, changes to the homebuying process were implemented last month. Prospective buyers are now required to enter a written agreement with their agent before home tours. Lublin noted, “Before touring a home with a buyer agent, either in-person or virtually, consumers must enter into a written agreement with that agent outlining the agent’s fees and services.”
These agreements, which clarify agent services and compensation, aim to provide transparency and ensure that real estate professionals act in the best interest of their clients.
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