Home Sales in Montgomery County Continue to Drop, Yet Housing Prices Continue Rising
According to a new housing report, home sales in the Philadelphia area continued to drop in October as the “unusually strong activity” of 2020 begins to dissipate, writes Kennedy Rose for the Philadelphia Business Journal.
The report, which examines eleven counties across the Philadelphia area, including Montgomery County, Bucks, Chester, Delaware, and counties, also found that median prices surged by 9 percent to $304,000 across the region in October.
However, prices of homes in the region still continued to rise during the same month.
The data provided by MarketStats by ShowingTime based on listing activity from Bright MLS showed that sales dropped by 12.8 percent year over year in October, with 7,834 closed sales in the region total.
The greatest decline in sales was recorded in Philadelphia’s suburbs, including in Montgomery County.
The report showed a decrease of 16.6 percent (997 total sales), and Delaware County, with a decrease of 12.5 percent (673 closed deals).
Delaware County saw one of the highest increases in prices across the region with 12.2 percent ($275,000).
The main reason for this increase in prices is the 13 percent decline in new listings in the region.
Read more about the report’s findings in the Philadelphia Business Journal.
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