A couple weeks ago, my colleague Aseem Shukla and I shared four charts explaining December’s slowing housing market. And now we have more evidence that activity from buyers and sellers has slowed.
Throughout the fourth quarter of 2022, sales and prices dropped, according to research that Drexel economist Kevin Gillen shared with The Inquirer. Higher mortgage interest rates, housing unaffordability, and a slower economy pumped the breaks on the market locally and nationally.fell in Philadelphia for two consecutive quarters for the first time. In the fourth quarter of 2022, the average price fell by 0.9%, adjusted for seasonal market shifts and quality of homes.from records set in 2022.
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