Author: Michael Hoke
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Pennsylvania Home Prices Rise as Sales Fall 6%
Pennsylvania home prices in August stayed 4.7% higher than a year ago, with a median price of $330,000, unchanged from July. Sales dropped nearly 6% year-over-year to 11,451, while inventory slightly declined to 45,828 listings, resulting in 4.56 months of supply, favoring sellers. Inventory was tightest in the $250,000-$374,999 range and more abundant at higher price points, with luxury homes having over six months of supply.
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Cities with the fastest-growing home prices in Pennsylvania
Home prices in Pennsylvania cities have shown significant growth, with typical values ranging from around $176,948 to $1,600,753. One-year price increases vary from 3.2% to 18.9%, with some cities experiencing gains over $100,000. Five-year changes, where available, show increases up to 56.9%. The Philadelphia-Camden-Wilmington metro area features prominently with many high-value homes and strong price growth.
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Bargain Hunting With Rates Above 7%
Mortgage rates stayed above 7% as markets braced for more Fed moves, while Treasury yields pushed borrowing costs higher and kept affordability top of mind.
For buyers planning ahead, a study suggested building rate cushions: half-point within 3 mo, three-quarters by 6 mo, and a full point by 1 yr.
Later-year buyers often gained leverage: typical homes were ~5% cheaper in Early-Q4 than Late-Q2, with fewer competing buyers and more time to negotiate.
With a ~5-mo supply in the prior month, buyers had stronger bargaining power on price, closing costs, discount points, or temporary rate buydowns.
For buyers still waiting, markets recently priced in more Fed tightening, but the longer-term goal remained cooler inflation that could eventually ease mortgage costs. -
U.S. cities entering a now-or-never moment for homebuyers
Homebuyers in the U.S. are benefiting from improved market conditions as median listing prices per square foot fell 1.8% nationwide, marking the tenth consecutive month of annual declines. Former boomtowns like Austin, Tampa, and Memphis lead price corrections due to increased inventory. San Francisco shows unique dynamics with declining prices but reduced listings. High mortgage rates and economic uncertainty slow buyer decisions, prompting sellers to lower prices. This creates opportunities for buyers in several metro areas.
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Mortgage Rates Sink to an 11-Month Low—Will Fed Cuts Push Them Even Lower?
30-year mortgage rates have dropped to 6.48%, the lowest since October 2024, following a recent three-day decline. The Federal Reserve is expected to cut rates multiple times this year due to weak job reports, but these cuts mainly affect short-term borrowing, not long-term mortgage rates. Mortgage rates are influenced by inflation, demand, housing supply, and bond yields, making them unpredictable. Buyers should consider purchasing when ready, as waiting for lower rates may risk missing opportunities. Refinancing remains an option if rates fall later.
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Honoring the Significance of Indigenous Day
Indigenous Peoples’ Day celebrates, recognizes, and honors the beautiful traditions and cultures of the Indigenous People
We take a stand for and support the indigenous people on this day.
We should also offer our support to those who invest and uplift the indigenous communities.
