Philadelphia Home Demand Index, January 2022

[Yuriy Skripnichenko]

Hi all, new report from Bright: 

Demand for homes in the Philadelphia Metro area rose in January reflecting the seasonal increase in buyer interest at the start of the year. With an increasing number of buyers beginning their home search in anticipation of the competitive spring market, demand increased from the end-of-year low. Demand at the start of 2022 was at a lower level than one year earlier, however. A low inventory of homes at most price points limited buyers’ ability to complete purchases while rising home prices diminished affordability.Home

Demand Index for the Philadelphia Metro area rose slightly more than 23 percent in January following two months of seasonal declines in buyer demand. The Index, at 85, reflected a Slow pace of demand compared with Limited demand in December. Although the Index rose over the month, it was nearly 16 percent lower than one year earlier.

Demand increased for all types of homes in January. The Index for higher-priced single-family homes and condos rose the most, each up by more than one-third over the month. Demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for condos and higher-priced single-family homes. The months supply of homes rose for all segments except higher-priced condos. The months supply of homes ranged from 1.1 months for mid-priced single-family homes to 4.2 months for higher-priced condos.

Cheers, 

Yuriy