Existing Home Sales Surprise With A Slight Increase In May

Existing home sales ticked up in May, surprising analysts. Sales rose by 0.8% to a seasonally adjusted annual rate of 4.03 million, according to the National Association of Realtors. Economists had predicted a decline.

They were down 0.7% from the year prior, however.

Sales increased in every region but the West month-over-month. Annually, they were down in the West and South, but the Midwest and Northeast saw a boost.

Philadelphia Region's Stronger Housing Market Means More Competition Than Most Other Areas of the Country

Philadelphia area homebuyers, along with those across the Northeastern United States, face among the stiffest competition compared to other parts of the nation, writes Michaelle Bond for The Philadelphia Inquirer.

This is according to a new Zillow analysis.

The analysis, which looked at activity on its website in March, found that there are between five and six engaged shoppers for every home on the market nationwide.

However, the Philadelphia metro area — including Camden and Wilmington — had about eight engaged home shoppers per listing.

Get the Latest Local Housing Market Data from Long and Foster's Market Conditions Report

Philadelphia region saw a 7% increase in total units sold.

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Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 1.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 20, 2025. This week’s results include an adjustment for the Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week and was 29 percent higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week and was 12 percent higher than the same week one year ago.

PA Is No. 6 for States Adding the Least Mortgage Debt

The average U.S. household carries nearly $105,000 in mortgage debt, with the total national balance exceeding $12.6 trillion, according to WalletHub.

WalletHub analyzed mortgage trends to find the states adding the most mortgage debt. They looked at each state’s change in average mortgage debt balance from Q3 2024 to Q4 2024, along with its average mortgage balance and monthly payments.

In the analysis, Pennsylvania ranked no. 45 on the list of states adding the most mortgage debt. This makes the commonwealth the state that’s sixth on the list for accumulating the least amount of mortgage debt.

In fact, Pennsylvania was one of 23 states that saw a mortgage debt decrease during Q4 2024. The commonwealth had the 10th lowest increase (in this case, a decrease) in mortgage debt and the 14th lowest average monthly mortgage payment overall.

What are the Best Suburbs in Philadelphia?

The GI Bill of Rights, Ike's interstate system, suburban development, and the growing affordability of cars allowed the suburbs to flourish throughout the mid-20th century. During this era, a new American Dream was established: one with single-family homes, white picket fences, and lush green lawns.

Today, however, the traditional suburb may no longer cater to what 79% of Americans want: walkability. Younger people are especially attracted to neighborhoods where stores, restaurants, and other amenities are a short walk away, according to a National Association of Realtors survey released in 2023. But a good location comes with a cost.

Philly No. 1 in Northeast for New Downtown Apartments

Philadelphia ranks no. 9 among the 50 largest U.S. cities for new downtown apartments as of January 2025, according to a report by RentCafe. Outpacing most major cities, the city has also seen more new downtown apartments than any other major city in the Northeast.

Over the past five years, 8,271 new apartments have been added to downtown Philly, significantly exceeding other Northeast locations like Boston (3,928 units) and Manhattan (1,982 units).

Of those new apartments, 58.3% are located downtown. Additionally, so far this decade, 16.2% of downtown Philly units have been added through adaptive reuse, making the city one of the nation’s leaders in conversions.

What makes Philly special?

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Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the State of DE, the Florida Office of Financial Regulation and MD Mortgage Lender #23004. NMLS #128570.