Even as the housing market cools nationwide, here in Greater Philadelphia, housing demand is still high with prices rising more in May than in any other mid-Atlantic metro area, writes Ryan Mulligan for Philadelphia Business Journal.
Delaware County joined Camden County and New Castle County in showing the greatest year-over-year rises in median home sale prices in May.
The median home sale price of nearly $388,000 was a 12.7% increase over last May, according to data from Bright MLS.
In Delaware County, it was an 18.5% increase.
Chester County is still the most expensive county in the region, with home median sale prices at $465,000.
Home inventory levels are up slightly across the region for the second straight month, but still low by standards of a healthy market.
The Bright MLS data shows that overall the market has slowed significantly when compared to a year ago
“We’re at a point of transition in the market where for two years all we’ve been talking about is declines in inventory and double-digit price growth,” said Bright MLS Chief Economist Lisa Sturtevant. “I think we’re going to start to see inventory expanding a bit and prices start to moderate a bit.”
Read more at Philadelphia Business Journal about current housing demand.
Jason Walter speculates on whether housing prices are about to fall.