The average selling price for a single-family home sold in Erie County in July was $175,000. That’s a 12.9% increase from July 2021, according to a localized USA TODAY Network analysis generated with data from Immobilienmakler.com.
Year-on-year, prices have risen for five consecutive months. The median selling price in July represents an all-time record in a database covering 91 consecutive months. July prices are up from $170,000 the previous month.
The number of houses sold fell by 18.6% compared to the previous year. A total of 276 homes were sold nationwide in July. In the same period of the previous year, 339 single-family homes were sold.
High interest rates make mortgage payments more expensive. With prevailing mortgage rates and a 20% cut, the mortgage payment for the average single-family home in Erie County would have cost $777 a month as of July, excluding insurance, closing fees, homeowners’ association fees or other costs, according to analysis by the USA TODAY Network. A month earlier, the average home mortgage would have been $789. A year earlier, the average home mortgage would have cost $510.
The median Crawford County selling price for a single-family home was $150,000, up 22.1% year-over-year. About 102 homes were sold in July, up 64.5% year-on-year.
Real estate sales can take weeks or months to register and register. This is the latest data made available by Realtor.com to the USA TODAY Network.
Erie County condos and townhouses sold in July had a median selling price of $190,000. This figure represents a decrease of 13.6% compared to the previous year. About 22 were sold, 83.3% more than last year.
How hot is the Erie County Pennsylvania real estate market?
In Erie County, the top 10% of homes sold for at least $375,000, up 21% from a year ago.
In July, two properties consisting of two single-family homes were sold for at least $1 million.
In Crawford County, the top 10% of homes sold for at least $300,000, up 17.6% year over year.
Pennsylvania’s average selling price for single-family homes in July was $275,000, up 7.5% from a year earlier. The state reported 10,203 single-family homes sold, down 16.2% from a year earlier.
This report uses the median home selling price — the mean of all homes or units sold over a period of time — rather than the average home selling price, because experts say the median gives a more accurate picture of what’s in a market happened . To determine the average price, all the prices of the houses sold are added up and then divided by the number of houses sold. This measure can be distorted by a low or high price.
The USA TODAY Network publishes localized versions of this story on its news sites across the country, compiled with data from Immobilienmakler.com. Localized versions are generated for communities where data quality and transaction volume meet Realtor.com and USA TODAY Network standards.