How to Hire a Contractor or Handyman in the Philadelphia SuburbsWhether you just closed on a home in Blue Bell PA, are updating a kitchen in Conshohocken, PA or need seasonal prep on a property in
What's Up with Real Estate?
Dated: July 7 2023
Views: 152
What’s Up with Real Estate?
National news and local views for the week ending Friday, July 7, 2023
Carmella Thompson
National Real Estate News
Spot the trend?
The blue line is "headline" inflation (PCE). It dropped from 4.3% --> 3.8% in May and has almost HALVED since the middle of 2022. The red line is "core" inflation (PCE excluding food and fuel). It has been much more stubborn, but is clearly heading downward. Despite these obvious positive trends, the market expects the Fed to lift short-term rates by another 25 bps on July 26.
Pending sales fall ...
Pending home sales (signed contracts) fell 2.7% month-over-month in May. That's the 3rd-straight month of decreases. As the Nat'l Assoc. of Realtors' Chief Economist wrote, "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing. The lack of housing inventory continues to prevent housing demand from being fully realized."
... on a lack of inventory
The inventory of homes for sale came roaring back in 2022. But that recovery has stalled with new listings in early 2023 running 20-25% below last year. There were approximately 614,000 units of active inventory in June 2023, up just 7% year-over-year and just HALF of what it was in June 2019 (pre-COVID) at 1.2 million units. And the inventory shortage in many individual cities is far worse.
Local Market Trends
As of Friday, July 7, 2023
Carmella Thompson
Blue Bell, Plymouth Meeting, Ambler, & Conshohocken local housing market data!
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| 19422 | $929,990  0.2% | 20 0.1% | 4 | 40 0.8% |
| 19462 | $764,900  0% | 23 0.2% | 5 | 74  -0.3% |
| 19002 | $924,333 0% | 52 0.3% | 7 | 43 0.1% |
| 19428 | $699,950 0.2% | 20 0% | 4 | 24 0.3% |
Local Market Trends (/) from Jun. to Jul. 2023.
/) from Jun. to Jul. 2023.Carmella Thompson
eXp Realty
License #RS151226A
Questions about these articles or the state of your local market? Get in touch!
610-457-8698carmella.thompson@exprealty.com
©ListReports 2023, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.
www.carmellarealestate.com
Carmella Thompson
Carmella ThompsonCertified AI Real Estate Agent\Trainer | Luxury Realtor | Mentor | Success Real Estate CoachServing the Greater Philadelphia & Montgomery County PA Communities for Over 20 YearsA ....
Latest Blog Posts
What Is the Lafayette Hill PA Housing Market Like in 2026?Lafayette Hill, Pennsylvania sits in Whitemarsh Township about 13 miles northwest of Center City Philadelphia, and its 2026 housing market
What Is There to Do in the Philadelphia Suburbs of Montgomery County, PA This Labor Day Weekend?Here is what is on the calendar for Friday, September 4 through Monday, September 7, 2026, from lakes
When Should You List in Bryn Mawr, PA During August 2026? A polished preparation process can help your home enter the market with purpose. For homeowners weighing a listing, the answer is to launch
© BRIGHT, All Rights Reserved
