Home inventory declined in Philadelphia and the rest of the Northeast
According to Redfin's latest market report, new real estate listings dropped in April for the first time since 2014. And while listings fell nationwide, the drop was precipitous in the Northeast.
The chief economist at the real estate behemoth described a cyclical effect when listing rates drop.
"A slowdown in new listings reflects a lack of confidence on the part of the homeowner that they can find a desirable home to purchase," said Nela Richardson. "This triggers a domino effect down the supply chain that leads to lower sales in tight markets."
Philadelphia saw a year-over-year decline of 13.2 percent, joining Boston and New York above the 10 percent threshold. Home sales are down here too: 12.4 percent from last year.
Know of an interesting property in the Philadelphia or South Jersey region? E-mail us!
Browse Philadelphia Recent Home Sales »




















