The number of homes for sale in Pennsylvania grew again last month, helping the state inch closer to a balanced housing market, a real estate group said Tuesday.
Inventory rose 9% year over year in June to 41,606, the Pennsylvania Association of Realtors said in its latest market report. The report also noted that home sales climbed to 11,851 — up roughly 8% compared to June 2024.
Median home prices in the state jumped 6.5% to a record $325,000 in June, the realtor group said. Prices in the Lehigh Valley also hit a record $370,000 last month, real estate agents there said.
"The growth in inventory is a positive sign for the market," Bill Lublin, the association's president, said in a statement.
For years, the state lagged in construction
The rise in home inventory likely comes as welcome news in the Keystone State, where buyers are still active in summer. Pennsylvania has spent years lagging in residential real estate construction, and those delays have led to a statewide housing shortage, according to a March study from the Pew Research Center.
The state association said its latest report that today's properties for sale arrive after "a prolonged period of historically low inventory, which contributed to strong price growth throughout 2023 and early 2024."
"As inventory rises, we anticipate a gradual return to a more balanced market where both buyers and sellers can make decisions with greater confidence," Lublin, a real estate agent with Century 21 near Philadelphia, said in the statement.
As of June 22, Pennsylvania had 27,964 homes for sale, including condominium units, co-ops, single-family properties, and townhouses, according to Homes.com data. The listings include a three-bedroom Cape Cod in Montoursville for $300,000 and a five-bedroom Tudor in Bethel Park for $1 million.
Inventory is growing in Pennsylvania, in part, because homebuilders have been busy constructing developments in some of the state's smallest communities. Real estate agents across central Pennsylvania, for example, said they have also noticed how much inventory has jumped — giving homebuying a boost.
"June and July are great travel months, and I think we're seeing that in buyer activity," Jimmy Koury, an agent with RSR, Realtors in Harrisburg, told Homes.com. "While this rise in inventory gives buyers more options, demand is still steady enough to keep the market moving at a healthy pace."