Philly’s housing market is changing. Here are 5 takeaways from recent trends. – The Philadelphia Inquirer
It’s no secret that activity from home buyers and sellers slowed at the end of last year.
For one thing, mortgage interest rates peaked in the fall, when the average 30-year fixed rate topped 7%. Homes became less affordable to buy and the economy slowed, so fewer people entered the housing market in the Philadelphia area and nationally.
Both prices and home sales fell in the final months of 2022, according to a report on the Philadelphia housing market in the fourth quarter that Drexel economist Kevin Gillen released Thursday.
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