{"id":225673,"date":"2026-06-23T09:51:07","date_gmt":"2026-06-23T09:51:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-pa\/225673\/"},"modified":"2026-06-23T09:51:07","modified_gmt":"2026-06-23T09:51:07","slug":"phillys-housing-market-is-still-daunting-for-buyers-and-sellers","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-pa\/225673\/","title":{"rendered":"Philly\u2019s housing market is still daunting for buyers and sellers"},"content":{"rendered":"<p>Low inventory is one problem. But there are also a lot of homeowners who are hampered by the low mortgage rates they secured during the COVID-19 pandemic, often through refinancing. For these buyers, moving to a new place could mean a <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/how-rising-interest-rates-affect-new-mortgages\/\" rel=\"nofollow noopener\" target=\"_blank\">significantly more expensive mortgage payment each month<\/a> because rates are so much higher now.\n<\/p>\n<p>That\u2019s further straining the market because it has created a host of stubborn sellers, said Redfin chief economist Daryl Fairweather.\n<\/p>\n<p>\u201cSellers that are in the market aren\u2019t as serious as they have been in the past. We\u2019re seeing a near-record share of homes being delisted from the market, sellers listing their homes at prices that are too high and then they linger on the market longer without getting any offers,\u201d Fairweather said.\n<\/p>\n<p>And she said there\u2019s a clear explanation for why this is happening.\n  <\/p>\n<p>\u201cIf they were to sell and try to buy again, they would want to have a lot of equity in the sale so that they can buy their next home with cash or with a really large down payment, so they don\u2019t have to take on so much interest and suffer under these high interest rates,\u201d Fairweather said.\n<\/p>\n<p>Buyers, meanwhile, can\u2019t afford to pay what sellers are asking.\n<\/p>\n<p>All of it demonstrates why a <a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-may-2026\/\" rel=\"nofollow noopener\" target=\"_blank\">new analysis<\/a> from Redfin is a bit misleading.\n<\/p>\n<p>According to the report, the Philadelphia metropolitan statistical area is a buyer\u2019s market because it had more sellers than buyers in May. There were 6,324 buyers and 8,858 sellers in the area, which covers Philadelphia and Delaware County.\n<\/p>\n<p>Zandi said that while the numbers may be accurate, the market remains daunting for both sides of the equation, even if buyers technically have more choice.\n<\/p>\n<p>\u201cThe reason why there aren\u2019t a whole lot of buyers is because people can\u2019t afford to buy. So I wouldn\u2019t take a whole lot of solace in that,\u201d he said.\n<\/p>\n<p>Economists say it will likely take years for the country\u2019s housing market to improve, including in Philadelphia.\n        <\/p>\n","protected":false},"excerpt":{"rendered":"Low inventory is one problem. But there are also a lot of homeowners who are hampered by the&hellip;\n","protected":false},"author":2,"featured_media":142206,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[28,69,71,70,2312],"class_list":["post-225673","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-pennsylvania","tag-philadelphia","tag-philadelphia-headlines","tag-philadelphia-news","tag-planphilly"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/225673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=225673"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/225673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/142206"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=225673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=225673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=225673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}