Housing sales are cooling quickly throughout the Philadelphia region, writes Ryan Mulligan for Philadelphia Business Journal.

The seven counties in the Philadelphia metro area saw total closed sales at 30 percent lower levels in November than they were a year ago, according to Bright MLS.

The slowdown in home sales comes from the national market cooling and traditionally slower sales in winter months.

Bright MLS chief economist Lisa Sturtevant described the housing market as being “in a reset period.”

“We are seeing a pretty big pullback. This is the lowest November sales total we’ve seen in quite some time,” Sturtevant said.

Sellers aren’t seeing many opportunities so new listings were also down 23 percent last month year over year.

Sturtevant blamed rising prices, along with much higher mortgage rates, with homebuyers spending an average of about $1,000 more per month on a house than last year.

Inventory is still relatively low but increased 34 percent from last year to 1.59 months’ supply of available homes. A normal market has four to five months of supply, Sturtevant said.

The conclusion is that the residential market is showing signs of a slowdown, but prices are still elevated.

Read more about a drop in housing sales at Philadelphia Business Journal

CBS New reports on the decline in housing sales.