PHILADELPHIA, PA — Housing inventory in the Philadelphia region climbed 13.3% in August from a year earlier while the median asking price fell 1.3% to $374,900, giving buyers more options as the broader U.S. housing market lost momentum late in the summer, according to Realtor.com.
The Philadelphia-Camden-Wilmington metropolitan area also recorded a 1.4% year-over-year increase in new listings. Homes spent four days longer on the market than a year earlier, while 16.7% of listings had undergone a price reduction.
The increase in local inventory substantially exceeded the national gain of 3.6%. Across the U.S., active listings reached about 1.14 million, though supply remained 11.1% below typical pre-pandemic levels.
The national market showed signs of weakening demand. Pending listings fell 0.2% from a year earlier in August, ending eight consecutive months of annual increases, while contract signings dropped 3.7% for a second straight annual decline. Realtor.com attributed the slowdown in part to higher mortgage rates.
“August’s data shows a housing market entering its seasonal cool-down with less momentum than it had earlier this year,” Realtor.com Chief Economist Danielle Hale said. “Higher mortgage rates are meeting a point in the calendar when activity typically slows, and buyers appear to be responding more selectively.”
National asking prices also continued to retreat. The median list price was $424,500, down 1.3% from August 2025 and 1% from July. That marked the 10th consecutive month of annual declines, though the year-over-year decrease moderated from 2.4% in July.
Price reductions were recorded on 20.4% of active U.S. listings, matching the rate from a year earlier. The Northeast had the smallest share of listings with reductions among the four regions at 14.1%, although that was 1.2 percentage points higher than a year earlier.
The Northeast’s median asking price was $516,000 in August, down 3.6% from a year earlier, while active inventory increased 9.1%. New listings declined 0.5%, and median time on the market was unchanged from August 2025.
Despite softer demand nationally, sellers were less likely to abandon the market than during the late-summer slowdown a year ago. Delistings fell 12.6% from August 2025 after declining 8.3% in June and 4.7% in July. The share of active inventory being delisted remained near 5.5% for about six weeks.
“Buyer demand softened and price cuts rose modestly above last year’s pace, but sellers are still showing more patience than they did during last year’s late-summer delisting wave,” Realtor.com Senior Economist Jake Krimmel said. “That difference is helping the market avoid a repeat of 2025’s more severe seller pullback, at least for now.”
Nationally, homes spent a median of 60 days on the market, unchanged from a year earlier but three days longer than in July. New listings totaled 401,760, slipping 0.1% year over year and 5.2% from the previous month.
Realtor.com said its August data cover existing single-family homes, condominiums, townhouses, row homes and co-ops listed on its platform. New construction is excluded unless it enters the service through a participating multiple listing service.
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