Median sale prices continued to climb across the Philadelphia region in August, according to Long & Foster Real Estate’s Market Minute Report. In Delaware County, the median sale price increased by 11%, followed by a 9% improvement in Philadelphia County. Double-digit declines in the number of homes for sale throughout the region likely affected the median sale price.
Units sold dipped in all areas of the region, except for Bucks County, which experienced an 8% increase. Homes sold quickly throughout the area, with days on market averages ranging from 36 days in Delaware County to 43 days in Philadelphia County.
In looking toward fall, Gary Scott, president of Long & Foster Real Estate, expects a solid market, despite inventory challenges. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it,” Scott said.
He also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”