If you take a look at both the January and February housing market reports prepared for PAR, you’ll see similar numbers across the board. The number of listings on the market was down about 17% in February with just over 31,000, compared to the same time in 2022, while in January, listings were down about 16%. As I’ve traveled across Pennsylvania, many Realtors® have told me that challenging inventory conditions are commonplace across your markets.

The number of homes sold was down in February, compared to the previous year as a result of the tight inventory situation and higher interest rates. We’re seeing sales numbers about 21% lower than the year before.

Overall, we’ve been seeing a bit of a balancing of the market over the past several months between buyers and sellers. In my market, interested buyers are finding there’s more room for negotiations than there was a year ago. And buyers seem to be more willing to ask for some concessions when they’re making an offer.

PAR’s housing market report shows the median home prices rose slightly in February to $199,678, compared to $195,123 in January. The median price was up about 7% compared to the same time in 2022.