In May 2023, home prices in the United States decreased by 3.4 percent compared to last year to a median price of $418,387, according to data from Redfin. However, the number of homes sold has continued to decrease, as 495,875 homes were sold in May this year, compared to 591,804 homes sold in May last year, a 16.2 percent decrease.
Here in Pennsylvania, home prices increased slightly by 0.01 percent compared to last year, with a median selling price of $278,700. The number of homes sold decreased by 16.2 percent, as 11,112 homes were sold in May this year, compared to 13,261 sold last year.
The full housing report can be found here.