As always, this is not automated. That's right, I type out every word you see (unless there's a typo, then it's automated ??).
For an email version, subscribe over on Substack.
- List Prices Fall. The median list price in the Philly Metro Region for the week ending August 4th was $375,000, a -2.6% decrease from the week prior. However, list prices are still considerably higher than they were a year ago, with the median list price up +7.1% compared to the same week last year.
- New Listings Continue Adding to Supply. Philly Metro had 1,753 new listings last week, a +4.4% increase from the same week in 2023 and +2.8% from the week prior. New listings have continued to exceed last year’s numbers, incrementally increasing available supply.
- Active Listings on the Rise (Wahoo!). As the number of new listings increase, active listings maintain an upward trajectory compared to last year’s levels. At the end of the week ending August 4th, there were 10,772 active listings across Philly Metro, a +17.7% year-over-year increase. Although inventory is much higher, the number of new pending contracts remains at about the same as last year’s levels (+1.5%), as some prospective buyers remain sidelined due to affordability challenges or are waiting for mortgage rates to come down further. Those buyers who act now will have a great window with less competition than in the near future!
TLDR:?List Prices Fall, Inventory Levels Continue to Increase, Many Buyers Still on the Sidelines. Potential Buyers Currently Have a Window!
Believe it or not, U.S. inventory levels were higher in July of 2024 than they were back in July of 2020!
Below are U.S. Active Listings for July.
- July 2017: 1,322,659
- July 2018: 1,261,916
- July 2019: 1,239,534
- July 2020: 822,834
- July 2021: 546,686
- July 2022: 691,652
- July 2023: 647,135
- July 2024: 884,273
If (I repeat IF) we maintain the current year-over-year pace of inventory growth (+237,138 more homes for sale YoY), we'd be looking at...
- July 2025: 1,121,411
- July 2026: 1,358,549
…which are more in line with pre-covid active inventory levels!
Let’s keep it rolling ????????????
