House Hunters Are Back As Monthly Mortgage Payments Post First Annual Decline Since 2020

The median U.S. monthly mortgage payment was $2,587 during the four weeks ending August 18, its lowest level since February and down 0.1% from a year earlier. That’s a tiny drop, but it marks the first time in four years monthly payments have posted any decline at all. Housing payments are falling because mortgage rates are falling; weekly average mortgage rates are sitting at a 15-month low of around 6.5%, down from a peak of 7.2% in May.

The stabilization of rates well below their peak has inspired house hunters to hit the pavement: Some would-be buyers who had been waiting for rates to decline more have realized that’s unlikely to happen anytime soon, and others are gaining confidence that rates won’t suddenly pop up before they put an offer on a home. Redfin’s Homebuyer Demand Index–a measure of requests for tours and other buying services from Redfin agents–has risen 4% over the last week to its highest level in two months.

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PA Housing Report July 2024: Pennsylvania Median Home Sales Price at $307,750 in July

The most recent numbers from the Pennsylvania Association of Realtors' monthly housing report show the state’s housing market fluctuated slightly in July. Last month, the median home sales price decreased less than 2% to $307,750 compared to $312,000 in June. The price is up 7% compared to July 2023.

Read the Full Report from the PA Association of Realtors.

Chester County Town Named One of the Cutest Small Towns in Pennsylvania

A popular town in Chester County was ranked as one of eight of the cutest small towns in Pennsylvania. As the county is blessed with this gem and many others nearby, it’s no wonder locals and visitor alike adore it, according to a report by World Atlas.

While not ranked in order, Phoenixville is one of the cutest small towns in Pennsylvania. It’s listed at No. 3 due to its many amenities, restaurants, small business owners, and art.

A walk down Bridge Street allows anyone to see all the shops, art galleries, and food options such as Bistro on Bridge. One of the most well-known landmarks is the Colonial Theatre, a 658-seat theatre built in 1903 and recently reestablished to its former magnificence. It was made more famous by the 1958 film, The Blob.

Media, PA Named Among "50 Best Places to Live in the US"

A Delaware County community has landed on an annual list of "The 50 Best Places to Live in the U.S."

Money Magazine says there are plenty of places in the Philadelphia suburbs to get relief from the hustle and bustle, but Media, Pennsylvania, is hard to beat.

It notes the borough is walkable, has a variety of Italian, American and Asian restaurants and mentions its "Dining Under the Stars" events during the warmer months.

The magazine points out a low unemployment rate and good school ratings.

It also notes the half-hour train ride into the city, making Media a top pick for residents.

Here’s the Average U.S. Starter Home

The average U.S. starter home was built in 1969 and costs $367,677, offering three bedrooms, two bathrooms, 1,250 square feet of living space and 6,591 square feet of yard space, according to an analysis by Five Star Painting.

The analysis used data from various listings across the 50 largest U.S. cities and included homes, townhouses and condos that measured 1,800 square feet or less, counting as “starter homes.” A starter home is the first home someone can typically afford to buy due to the home’s smaller size and more affordable price

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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.