The housing market in Philadelphia is cooling quickly with the number of home sales dropping 33% year over year to 5,201 in November, the lowest level since 2015, the Philadelphia Business Journal reports.
Each of the seven Pennsylvania and Delaware counties in the Philadelphia metro area saw total closed sales fall more than 30% compared to last November, according to data from real estate research firm Bright MLS.
The large drops come amid a national market cooldown and a traditionally slower market in the winter months. The Mid-Atlantic region encompassing Baltimore, Washington, D.C., and Philadelphia saw 36% fewer sales on the whole. Philadelphia's November numbers show perhaps the most pronounced signs yet that the local housing market is on the decline.
Bright MLS chief economist Lisa Sturtevant categorized the housing market as being "in a reset period."
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Read more about the Philadelphia market cooldown at PBJ.com.
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