Average home listing price hits $300,000
Nationwide, inventory increased 4% year-to-year, and grew 9% in large metros, meaning about 56,000 more homes are on the market now. This is a slower growth than February’s year-to-year report, in which new home listings rose 6% nationally and 11% in metros. The report predicts that inventory growth will continue to slow down. Price reductions on homes rose 1% year-to-year, a decrease from February’s report.
Both Pittsburgh and Philadelphia saw new listing and median listing price growth.
In the Philadelphia metro, active listings grew 3% year-to-year, new listings grew 1% , while the median listing price was up 9%. The share of homes who reduced their listing price was 1% and the median days on the market year-to-year was down one day.
In Pittsburgh, active listings decreased 5% year-to-year, new listings grew 4%, while the median listing price was up 3%. The share of homes who reduced their listing price was zero and the median days on the market year-to-year was down 10 days.