Even though the spring homebuying season got off to a slow start across much of the U.S., one of the most populous states saw increased activity.
Home sales in Pennsylvania jumped 23.6% from February to March, according to a report released Friday by the Pennsylvania Association of Realtors (PAR). On a year-over-year basis, sales were down 10.5%, but the 8,790 transactions that closed last month were a positive sign for real estate professionals in the Keystone State.
“We typically see an increase in activity in the spring season and this year we’re off to a strong start,” PAR President Preston Moore said in a statement. “This spring represents a window of opportunity for buyers and sellers who want to enter the market.”
Data released Thursday by the National Association of Realtors (NAR) revealed a 4.3% decline in U.S. existing home sales from February to March. Notably, however, the Northeast region — which includes Pennsylvania — was the only region in the country where sales increased during the month.
Pennsylvania, which is the fifth most populous state, also outperformed the largest state, California, where sales dropped by 7.8% during the month.
Pennsylvania’s 33,233 listings last month represented a 7.6% increase from February, while the median sale price of $224,757 was up 9% month over month. Both figures, however, were down compared to March 2023.
Statewide listings were down 11.2% year over year, and the core counties of the Pittsburgh and Philadelphia metro areas were the only places where inventory rose.
