(WWLP) – The Realtor Association of the Pioneer Valley has released its report on the housing market for February.

Home closings have decreased however, they’re still selling for more money compared to February 2022. The median sale price for homes was $295,500, which is 3.7% higher than last year of $285,000.

There were 215 homes sold in February this year, which is down 30.4% over February 2022 with 309 homes sold in Franklin, Hampden, and Hampshire Counties.

22News spoke with Paul Marcelina, Executive Vice President of Monarch Enterprises, about what could be causing this dramatic dip in sales, “Well obviously the home market has been affected by both the supply and inventory but also the rise in interest rates. It’s costing folks a lot more money over the longer time for a home mortgage.”

The inventory of available homes for sale in February was down 21.6% with 418 on the market versus 533 homes on the market in February 2022.

The average time on the market is up by 20.8% year-over-year, averaging 52 days.