December is typically a slow month. But activity in the Philadelphia metropolitan area dropped to the lowest level in eight years, mirroring months-long slowdowns in the rest of the Mid-Atlantic and nationwide, according to the multiple listing service Bright MLS.
Although the region had nearly a quarter more active home listings in December than it did a year earlier, “it’s almost entirely because people have stopped buying homes and not because people are rushing out to list their homes,” Sturtevant said. If the rate of sales remained steady and no new homes were listed for sale, the supply of homes on the market in December would have lasted about six weeks. A balanced market is five to seven months of supply.
Thanks to low supply, home prices have stayed high. The median home price in the region peaked in June but is more than 30% higher than before the pandemic.
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