Jul. 22—A supply-and-demand issue is keeping the housing market tight in Crawford County and across Pennsylvania.

For June, Pennsylvania's median home sale price was $216,187, up about $5,000 from May, according to a report from the Pennsylvania Association of Realtors. That's also up 6.2 percent compared to the same time last year.

"Median home sales prices are climbing in local markets throughout the commonwealth, with some areas marking record highs," said Christopher Beadling, president of the association. "This continues to be a supply-and-demand issue. With listings down about 23 percent from last year, prices are going up because there's still a demand for homes."

Local Realtors agree.

"There's been a wave (of buyers) after COVID-19 restrictions were lifted in 2020," said David Schepner, a Realtor and co-owner of Howard Hanna Bainbridge Kaufman Real Estate.

"There is a shortage of inventory and there's been a jump in prices as there are more buyers than sellers," added Christine Brown, a Realtor and co-owner of RE/MAX Hometown Realty.

The average sale price for a home in the Meadville area was $175,500 through the first six months of the year, which is up about 10 percent from the same time period in 2021, Schepner said.

This week, Crawford County has 30 active homes listed for sale — meaning they're not under contract — with an average of eight days on the market before being under contract. The average price of a home sold currently is around $190,000, according to Brown.

In 2019, prior to the pandemic, there would have been 200 or more homes listed as active and would have averaged 30 to 40 days before being under contract, according to Brown.

Locally, a lot of older residents are opting to stay in their homes with the advent of in-home care, according to Brown. Another reason behind the local shortage is apprehension among some potential sellers.

"There are some people who would be willing to sell, but they're concerned they may not be able to find another home," she said.

The pandemic has brought about changes in lifestyle in both work and school as many people had to stay home.

In addition, home builders across the nation stopped projects and lumber yards stopped producing building materials during the pandemic due to a lack of work force, according to Rocket Mortgage Co.

In the state, the housing inventory is just under three months supply, according to the Pennsylvania Association of Realtors.

Months supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. A six months supply is considered a balanced market between buyers and sellers with moderate price appreciation. Less than six months of supply indicates rapid price rises as demand exceeds supply as buyers are willing to pay above the sale price.

All of which has combined to make a tight housing market here and across Pennsylvania and the nation.

"All real estate is local," Schepner said. "I don't see another new (big) wave of buyers. I think the frenzy (to buy) will slow. I see it evening out over the next six months."

The rise in interest rates over the past year also is expected to cool down the housing market — as home mortgage interest rates have more than doubled.

"A year ago, a 30-year mortgage had 2.85 percent interest, now it's at 6 percent for a 30-year mortgage," Brown said.

The increase in mortgage rates is starting to have an impact, according to Schepner.

"I'm seeing less multiple bidders on (the same) property," he said.

However, if interest rates go too high, economists fear it could trigger a recession. A recession would slow the economy as a whole, but a recession could cause interest rates to fall back down.

Keith Gushard can be reached at (814) 724-6370 or by email at .