Across the U.S., new home listings are down. But the Philly region is bucking the trend.
Nationally, the number of homes that hit the market in June was down from the same time last year — the first annual decrease since 2023, according to Redfin.
Nationwide, the number of homes hitting the market was lower last month than the year before, the first annual decrease since October 2023, according to an analysis by Redfin.
New listings of homes for sale were down 3.4% in June compared to the same time last year, according to the online real estate brokerage. June also had the largest monthly drop in new listings — 3.2% — since February 2023, when accounting for seasonal patterns.
Demand among homebuyers has slowed, homes are taking longer to sell, and home listings have piled up, giving buyers who are in the market the upper hand. The number of active home listings in June was up 13.3% from the same time last year.
“Prospective sellers are feeling discouraged by this new reality,” Asad Khan, a senior economist at Redfin, said in a statement. And some are choosing to stay in their homes or rent out their properties.
But sellers have more power across the Philadelphia region, which is in an advantageous location and where housing supply hasn’t kept up with demand.
In the market that Redfin defines as Philadelphia and Delaware Counties, new listings in June were up slightly — 0.4% — from the same time last year.
And in the market Redfin defines as Montgomery, Chester, and Bucks Counties, new listings increased 3.4%. That’s the same share as the national decrease.
The region’s relative affordability is still making it an attractive place for potential homebuyers.
Five of the 10 most-populous metros where new listings fell the fastest were in the high-cost state of California. In the San Francisco region, the number of new listings in June dropped by about 17%.