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Real Estate Market Update: Philadelphia, Pennsylvania

Market update provided by John Caporale, Realtor with RE/MAX Action Associates in Exton, Pennsylvania.

The Suburban Philadelphia Real Estate Market is on hold seemingly with the rest of the world as we await the proposed resolution of the credit crisis. Prior to the events of the last two weeks our region was bucking national trends with home prices increasing albeit modestly, and supply just moderately at buyer’s market levels. Supply is actually down from last year, but now, home buyers seem to be scarce as people hunker down to see how things will play out and whether mortgage money will be available.

The local economy remains bolstered by relatively low unemployment, and a considerable number of unfilled jobs, especially higher paying tech jobs.

Consumer confidence has taken its toll here as most places and so the sense is until things are much more clear in the financial markets, home buying is on temporary hiatus.

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