Delaware County’s housing market matches the weather outside. It’s frozen, writes Michaelle Bond for The Philadelphia Inquirer.
Potential home sellers and buyers didn’t interact much last month. Slow sales were reported in the 50 most populous metropolitan areas, including Delaware County and Philadelphia, according to a Redfin analysis.
Sales were down about 4 percent in pending home sales compared to the same time last year.
“You’re just not seeing a lot of activity happening,” said Chen Zhao, head of economics research at Redfin.
Activity may be down, but prices are not. Delaware County and Philadelphia were in the top three areas where sale prices increased the most, compared to the same time last year.
The median sale price in Delaware County and Philadelphia was up just over 10 percent, at $294,125.compared to the same time last year.
The combination of rising home prices and limited home inventory triggered the slowdown.
Buyers “really should be thinking about negotiating” with sellers when sales are slow, Zhao said.
As we move into spring, new home listings should continue to grow, along with buyers looking for homes.
Changes in affordability will be “mostly driven by mortgage rates, not so much by prices,” Zhao said.
Read more about the slow market and mortgage rates in The Philadelphia Inquirer.
