Philly Area Housing Market Is Shifting As Summer Winds Down

PHILADELPHIA, PA — The housing market is cooling as summer winds down, but the picture varies sharply from metro to metro, including in the greater Philadelphia area.

The area surrounding the city has seen a 3.6 percent increase in year over year pending sales, according to a new real estate analysis.

Yet nationally, pending home sales fell 3.7 percent from the previous week during the four weeks ending Aug. 2, the steepest weekly decline since 2022. Pending sales were also down 1.9 percent from a year earlier and fell to their lowest level in more than five months, according to Redfin.

The slowdown comes as mortgage rates remain elevated. The average 30-year fixed mortgage rate was 6.66 percent for the week ending July 30, its highest level in nearly a year. Mortgage-purchase applications fell 4 percent from the previous week.

Still, sellers are putting slightly more homes on the market. New listings rose 1 percent from the previous week and 0.2 percent from a year earlier, reaching 354,313 during the four-week period. Active listings, meanwhile, were down 1.5 percent from the previous week and 0.3 percent from a year earlier.

The median U.S. home-sale price was $406,362, up 2.9 percent from a year earlier. The median asking price was $398,666, up 1.1 percent, while the typical monthly mortgage payment was $2,631 at the prevailing 6.66 percent mortgage rate.

Redfin’s metro-level data showed wide differences around the country.

Among metros nationally, Newark, New Jersey, had the largest year-over-year increase in median sale prices, up 9.8 percent. West Palm Beach, Florida, was up 9.5 percent, and Baltimore was up 7.6 percent. San Jose, California, had the largest decline, down 4.2 percent, followed by Seattle, down 1.8 percent, and Dallas, down 1.6 percent.

Pending sales increased the most in West Palm Beach, up 13 percent, followed by Cincinnati at 7.1 percent and Pittsburgh at 6.7 percent. Seattle had the largest decline, down 19.8 percent, followed by Houston at 17.1 percent and Phoenix at 15 percent.

For new listings, St. Louis posted the largest year-over-year increase, up 13 percent, followed by San Jose at 11.7 percent and Montgomery County, Pennsylvania, at 9.7 percent. Dallas had the largest decline, down 12.6 percent, followed by Atlanta at 10.9 percent and Fort Worth, Texas, at 10.8 percent.

Homes nationally spent a median of 41 days on the market. About 21.5 percent of listings had price cuts, while 27.6 percent of homes sold above their asking price.

Redfin said its national weekly figures are based on homes listed or sold in more than 900 U.S. metro areas. Its metro comparisons cover the 50 most populous U.S. metros.