Number of Home Listings Dips 16% in December

LEMOYNE, Pa., Jan. 18, 2024 /PRNewswire/ -- The Pennsylvania real estate market saw a 16% decline in  listings in December compared to the previous month, according to a report prepared for the Pennsylvania Association of Realtors®. There were 29,215 listings in December, down from 34,394 in November.

"Inventory has continued to be a challenge for potential homebuyers," said PAR President Preston Moore. "Listings are down 21% compared to the previous year. In 2020, there was an annual average of 59,493 listings on the market and in 2023, the average number of listings dropped to 34,286. There was a 2.94 months' supply of homes last month."

The median price fell slightly in December, hitting $213,699, down from $218,380 in November. However, prices are up 9% year over year.

"The annual median home sales price has increased 25% since 2020," Moore continued. "The median price was $168,152 in 2020 and has risen to $216,893 in 2023, illustrating how owning a home is a good, long-term investment to build generational wealth."

The number of sales in December declined to 8,966, down from 9,130 in November and down 7.2% from 2022. However, sales are down 25% compared to 2020.

"The drop in sales is reflective of the overall low inventory," he added. "We're still seeing strong interest from potential homebuyers since mortgage rates have declined slightly."

"In this complex market, a Realtor® can help consumers navigate the real estate transaction," Moore noted.

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