Let’s get some of the facts…
The housing market seems to be recalibrating with the number of active listings up and the median time on the market increasing. This has started to stabilize housing prices in the market.
According to data from Bright MLS in August, the typical home in the Philadelphia metro stayed on the market for 11 days, two days longer than a year ago, but still substantially less than the average of 45 days in a stabilized market.
Another sign that the market is “normalizing” is the increase in overall active listings, which climbed 16.9%.
The housing supply was slightly up in August to 2.09 months compared with 1.7 months the same time last year—- though this remains quite low in comparison to a six months’ supply in a stabilized market. Prices remained high across the market, with the median sale up nearly 7% year-over-year. A Keller Williams realtor called this a market shift from “hyper-competitive” to “competitive.”
With interest rates set to come down, the average 30-year mortgage rate fell from 6.73% as of the first week of August to 6.35% at the end of the month. If this trend continues, the Fall which is typically a slow season, could see an uptick in activity.
Read the the full story here.
