Pennsylvania home prices have surged to a new average high of $325,000, creating significant challenges for first-time homebuyers across the state. This represents a 6.5% year-over-year increase, according to Jimmy Koury, president of the Greater Harrisburg Association of Realtors. Koury described the current climate as "a weird market" with a combination of fewer buyers and limited housing inventory.
Despite the hurdles, some industry experts are advising potential buyers who can afford it not to delay their purchase. They predict that anticipated future interest rate cuts could ignite a "buyer frenzy," leading to even more intense competition and potentially higher prices in the near future.