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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.