Philadelphia Home Demand Index, May 2022

[Yuriy Skripnichenko]

Hi all, new report from Bright below:

In April, demand was weakest for lower-priced single-family homes with Limited buyer interest. Buyer interest was strongest for higher-priced condos and higher-priced single-family homes, each recording High demand. Buyer interest in lower-priced single-family homes was unchanged while demand for condos was marginally lower. Demand for higher-price single-family homes rose the most, with an increase of 18 percent over the month. The months supply of homes changed little in April compared with the previous month. The inventory of homes ranged from a 1.1 months supply for mid-priced single-family homes to a 3.1 months supply for higher-priced condos.

April marked the fourth consecutive increase in the Index following the seasonal low in December. Despite the month-to-month increases, the Index was nearly 14 percent lower than one year earlier as the headwinds of rising prices, decreased affordability and rising mortgage rates likely prevented some would-be buyers from completing a home purchase.

In the Philadelphia Metro area buyer interest was High in the Pennsylvania and Delaware suburban counties and in the Steady or Slow range in the New Jersey counties of the metro area. Across the Greater Philadelphia area, demand remained in the High range in the Salem-Cumberland market area and rose to a Moderate level in Central Pennsylvania. Demand in 37 percent of ZIP codes was in the High range, slightly greater than March. Demand was in the Slow or Limited category in one-third of ZIP codes, marginally lower than the month before.

Cheers, 

Yuriy