Philadelphia Market Update, November 2022

[Yuriy Skripnichenko]

Hi all, new report from Bright. 

Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased 10.3 percent in October. The Index, at 87, reflected a Slow pace of demand, down from a Steady pace in September. Compared with one year earlier, the Index was 21.6 percent lower.
Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.

Cheers,

Yuriy