According to the Philadelphia-Area Housing Report, residential real estate sales in the Philadelphia area continued to drop in October. The “unusually strong activity” of 2020 may be tailing off, writes Kennedy Rose for the Philadelphia Business Journal.
Transactions, as measured by closings, is cooling in Philadelphia, Bucks, Delaware, and Montgomery Counties.
Data provided by MarketStats by ShowingTime — based on listing activity from Bright MLS — showed that sales dropped by 12.8 percent year over year in October. Regional closings totaled 7,834.
The greatest decline in sales was recorded in:
- Montgomery County, with a decrease of 16.6 percent (997 total sales)
- Delaware County, with a decrease of 12.5 percent (673 closings)
Home prices, however, are still on the rise, according to last-month statistics. The report found that median prices surged by 9 percent to $304,000 across the region in October.
Delaware County saw one of the highest increases in area prices across with 12.2 percent ($275,000). It is traceable to the supply-and-demand economics of a 13 percent decline in new listings there.
Read more about the Philadelphia-Area Housing Report in the Philadelphia Business Journal.