The National Association of Realtors recently reported that contracts to buy existing homes fell 0.7 percent in a year to year comparison from July 2017 to July 2018. The organization also noticed that this marked the seventh straight month of year to year declines. Some see these statistics may be slightly skewed by the overheated – and now cooling – real estate markets in the West. One reason given for this cooling of the real estate markets is that prices have risen so far that fewer and fewer potential home buyers can qualify. Another reason for the rapid increase in home prices is the limited supply in many markets in the West.
“We have seen Philadelphia home sales and prices continue to rise through the summer of 2018. It will probably slow a bit during the final quarter of the year but we expect year-end numbers to remain solidly in positive territory,” stated Raymond Campbell, owner of Dr Cash Home Buyers. “The housing market shows no signs of retreating and it is a busy time for house investors and home buyers in Philadelphia,” he added.