While the housing market is experiencing some slowdown, home prices continue to reach record highs and inventory is not lasting long on the market.
Last month, the percentage of active listings rose 18.7% year over year, representing 98,000 more homes on the market, according to Realtor.com®. However, inventory is still below June 2022 levels by 34.1% and down 53.2% compared to June 2019. Newly listed homes increased 4.5% year over year. Home prices are still increasing; the median national home price for active listings hit $450,000 in June, a 16.9% increase year over year. However, there has been a decrease in smaller (1,750 square feet or less) homes listed, suggesting that the increase in price could be attributed to larger, pricier homes leading the rise in cost.
Read more from the PA Association of Realtors.