Skip to main content

PA Housing Prices Increase 16 Percent YOY

Navi Persaud
Apr 09, 2021
Pennsylvania Association of Realtors Logo

Inventory challenges in the statewide housing market pushed Pennsylvania housing prices up 16%, according to a recent report from the Pennsylvania Association of Realtors. Housing stock was down 39% in March 2021, compared to March 2020, with just a 1.78 month's supply available, according to a press release.

"Low inventory continues to affect most areas of the state. Throughout the first quarter, we've seen less than a two-month supply available every month. Ideally, a six-month supply is what you'd like to see for a balanced market," said Christopher Raad, PAR president. "We're seeing about 10,000 fewer listings each month, compared to the same time last year."

According to the report, this year, there were 20,423 new listings reported in March, compared to 33,948 in March 2020.

"If more inventory was available, I think we'd see even higher home sales because there's demand from buyers," Raad said. "Instead, we're seeing sales are down slightly in the first quarter of 2021, compared to the first quarter of 2020."

Additionally, the report revealed that in the first quarter of 2021, there were 25,505 sales, compared to 26,360 to the same time in 2020.

"We remind homebuyers entering the market to be pre-approved for a mortgage and be prepared to make an offer quickly," said Read. "And for those interested in selling their homes, there's a huge demand."

Click here to read more from the report.

Published
Apr 09, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021