Philadelphia Housing Supply Jumps as Prices Ease

Housing inventory in the Philadelphia region rose 13.3% year-over-year in August, with median asking prices falling 1.3% to $374,900. New listings increased 1.4%, and homes stayed on the market four days longer. Nationally, active listings grew 3.6%, but supply remained 11.1% below pre-pandemic levels. Pending listings and contract signings declined, influenced by higher mortgage rates. Median national list prices fell 1.3%, marking the 10th consecutive annual decline. Sellers showed more patience, with delistings down 12.6% from the previous year.