There are more houses available for sale in the Greater Philadelphia area, meaning home prices are steadily falling, writes Kennedy Rose for Philadelphia Business Journal.

The median listing price for homes in the Philadelphia-Camden-Wilmington metro area was $321,000 in August. That’s a decrease of 6.4% year over year and down 1% from July.

About 20% of homes listed in the metro area reduced asking prices in August, according to Realtor.com.

Philadelphia is “migrating toward normalization,” said George Ratiu, a senior economist with Realtor.com.

Low inventory and bidding wars in the suburbs from buyers wanting homes with more room and outdoor space drove up prices over the last year.

Markets are still hot and inventory is still very low—down more than 25% nationally year over year.

But many sellers hesitant to sell previously in case of an economic downturn now want to sell their homes and move on with delayed plans, Ratiu said.

A higher number of “starter homes” are also being listed, helping first-time buyers.

“For many buyers who have been frustrated over the highly competitive market, I think the fall season will be better for trying to find a home,” Ratiu said.

Read more at Philadelphia Business Journal about lower housing prices.

This video looks at the current housing trends nationwide.

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