Home buyers in the Philadelphia area have been resilient, continuing to purchase homes even as prices rise and buying has become less affordable. Lisa Sturtevant, chief economist at listing service Bright MLS, called the local market’s resiliency “impressive” in the face of elevated mortgage interest rates. In November, the National Association of Realtors released its annual report detailing who is buying and selling homes and how they’re going about it. The national data give some insight into consumer behavior and what the industry can expect from the market. The association has been publishing its analysis since 1981. This year’s report examines real estate transactions of primary residences between July 2022 and June 2023.
Source: Philadelphia Inquirer; 11/29/2023