Delaware County and Region Buck Cooling Housing Trends

rows of houses
Image via Blake Wheeler at Unsplash.
The rise in residential mortgage rates hasn't seemed to cool the hot market of area home sales.

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.