The Philadelphia-area housing market is regaining momentum as a host of COVID-19-related restrictions have been lifted and mortgage rates sit at historic lows, a pair of new reports found.
NBC10's partners at the Philadelphia Business Journal first reported this story.
The region struggled in May, as 4,365 closed sales was a 38.6% decline over the same month last year, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS. The closing volume came in at a nine-year low for the month.
Homes sold had a median sale price of $260,000, a 2% increase over May 2019 and a 10-year high for the month. However, the median sale price was a 4.4% month-over-month decline, the sharpest April to May drop in a decade. Over the past five years, May has typically posted a 5.5% increase from April, reported PBJ.com.
As certain COVID-19 guidelines started to lift, the report notes buyers remained attracted to record low 30-year fixed mortgage rates.
New pending home sales — while off 20% from May of last year — soared compared to April. Pending sales of detached units rose 92.6% over April to 4,509. Attached homes increased 113.6% to 2,809.
PBJ.com examines what another survey found about the desire of people living in Delaware and the Greater Philadelphia region to buy a home, despite feeling anxious.
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