Philadelphia Home Demand Index, May 2021
Hi all,
Interesting data from Bright:
Demand for homes in the Philadelphia MLS market area rose 10 percent in April based on the latest Bright MLS | T3 Home Demand Index. The Index recorded a reading of 143, reflecting a High level of demand for homes. Compared to one year earlier, the Index was 151 percent higher, a striking difference due largely to the significant drop in home search activity in early 2020 at the beginning of the pandemic. Among the types of homes tracked by the Bright MLS | T3 Home Demand Index, buyer interest continued to rise in most segments, even if only at a moderate pace. Demand was in the High category among all home types except lower-price single-family, which continued a months-long trend of subdued demand. There was little relief for would-be buyers searching for a home. The month's supply ranged from just 1.1 for mid-priced single-family homes, representing about one-third of sales, to 5.1 months in the much smaller higher-priced condo segment.
You can find full data with the graphs at https://www.homedemandindex.co...
Cheers,
Yuriy