(WHTM)-- Pennsylvania's median home sales price rose this month for the fifth consecutive time since the start of 2024, according to the Pennsylvania Association of Realtors (PAR) report.
According to the report, the median home sales price increased from $295,000 to $312,000 in June, an almost 6% increase from the previous month.
"One of the primary reasons we're continuing to see rising home prices is due to the limited supply of available homes," said PAR Incoming President Bill Lublin. "The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available."
PAR said the number of homes listed on the market rose from 1,000 units to 38,149 in June, but sales remained similar from May to June, with 110,000 transactions.
President Lubin stresses the importance of working with a realtor to help navigate the convoluted housing market.
"Realtors are experts who know the language, steps and requirements of real estate transactions," he said. "They're informed about the intricacies of their markets and utilize the power of their experience to benefit their clients."