Daily News | Home buyers in the Philly area face limited choices and high prices as the market slows down
Following earlier pandemic-era frenzy, the housing market is acting more like normal for this time of year, when activity tends to slow. But the slowdown is more pronounced this year than in typical years, said Lisa Sturtevant, chief economist at the multiple listing service Bright MLS.“For folks right now for whom moves are discretionary, we do see holding back on the selling and buying side,” Sturtevant said. Households are waiting to see where the economy is headed.
But the median sales price in the Philadelphia metro area was $330,000 in September — up 6.5% from the same time last year, according to Bright MLS. Prices are rising faster in the Philadelphia region than in other major Mid-Atlantic markets. That may seem surprising, given less buyer demand and higher mortgage rates that limit buyers’ purchasing power. But theThe frenzied markets of the last couple of years have helped dry up an already tight housing supply. If the pace of sales stayed steady and no new homes went on the market, the Philadelphia area would sell out of homes in six to seven weeks, according to Bright MLS.
On Oct. 12, eight properties were available for sale in Lansdale, Strahm said, “which in a borough of 18,000 people is next to nothing.” New listings were down across the Philadelphia region in September compared to the same time last year. A surge in supply would help pull down home prices.Potential home buyers in the Philadelphia area are facing both high prices and
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