LEMOYNE, Pa. , Sept. 20, 2024 /PRNewswire/ — Pennsylvania’s August housing market remained steady, reflecting consistent prices, demand and supply levels, according to a report prepared for the Pennsylvania Association of Realtors®. In August, the median home sales price remained about the same as July, at $305,000 . The price is up 7% compared to August 2023 , when the price was $285,000 .
The number of homes sold was constant at 11,514 in August, which was down just 1% year over year. Listings in August were at 37,664, up 3.5% over the same period last year.
“We’ve been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces,” said PAR President-elect Bill Lublin. “We continue to see multiple offers on properties, although fewer numbers than we were seeing a year ago. Though the market is still very competitive, more houses offer buyers more opportunities and, with professional guidance, more success.”
Working with a real estate professional can help both buyers and sellers achieve their goals, but not all real estate professionals are Realtors® . “A Realtor® is a professional who has pledged specifically to work in your best interest,” Lublin said. “And that’s crucial when you’re buying a home, which is one of the largest purchases a person makes in their lifetime.”
Last month, changes to the homebuying process took effect. “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,” Lublin added.
Written buyer agreements are not new to Pennsylvania . The written agreement outlines the services the agent will provide and the compensation for those services. Compensation remains negotiable.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
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SOURCE Pennsylvania Association of Realtors(R)