Now could be the best time to buy a home in Philly region
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Philadelphia-area house hunters, now may be the best week of the year to buy a home, per a new Realtor.com report.
Why it matters: Homebuying is a slog and most shoppers will take any advantage they can get.
By the numbers: Listing prices in the Philly region typically fall around 3% during this week — through Saturday — from their seasonal peak, per the report.
- Plus: New listings are up nearly 6% at this time compared with the average.
The big picture: "Home shoppers heading into fall will find an opportunity that has been hard to come by in recent years: More choices and less urgency," Realtor.com senior economist Hannah Jones said in a press release.
Yes, but: Mortgage rates near 7% and stubbornly high home prices continue to sideline many.
Zoom in: The Philly region is coming off an August where buyer interest had cooled significantly, per a report by Bright MLS.
- Last month, sales dropped 3% as inventory was up 14% compared with the same time last year, per the report.
- Meanwhile, the median home sale price was $425,000 in August, up nearly 5% year over year.
The forecast: "With more supply being added to the market, expect home price growth to slow and for buyers who remain in the market to have more leverage this fall," Bright MLS predicted in its August housing market report.
The fine print: Realtor.com analyzed several years of seasonal housing data, including listing prices and inventory levels, to determine the best week to buy a home nationally and in the 50 largest U.S. metros.
- Mortgage rates weren't included.
The bottom line: Buyers may get a little more breathing room this fall — if they can clear the affordability hurdle.