What to Know
- October marked the eighth-straight month of reduced home sales in the Philadelphia region.
- Closed sales were down by 8.5% to 6,201 and sale volume rang in at $1.8 billion, which is down 1% from last October, according to data.
- As experienced nationally, a decline in inventory has been a leading culprit to the drop in sales.
In a continuation of national housing trends, the Philadelphia metropolitan area saw homes sales decline in October, marking what is now the eighth consecutive month for a reduction in sales levels.
Closed sales were down by 8.5% to 6,201 and sale volume rang in at $1.8 billion, which is down 1% from last October, according to data provided by MarketStats by ShowingTime based on listing activity from Bright MLS. A Berkshire Hathaway HomeServices Homexpert Report showed the number of properties sold for the 12-county region fell by 7.2%.
Though there was an overall decline, there were some bright spots. The Main Line saw a 15% rise in transactions with 238 closed sales compared with 207 for the same month a year ago, according to Berkshire Hathaway. Of the five counties defining the immediate Philadelphia area, Chester County was the only one to see an increase in sales. A total of 609 deals were closed compared with 556 in October 2018, which translated into a 9.5% jump.
As experienced nationally, a decline in inventory has been a leading culprit to the drop in sales and in spite of historically-low interest rates, which has traditionally prompted prospective buyers deliberating about making a buy to go ahead and make that purchase.
What declining home inventory means to home prices is on PBJ.com.
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