Pennsylvania Sees More Homes on the Market

Our state has been experiencing a strong spring housing market, and the great news for buyers is that we saw a leap in the number of homes on the market in April.

Listings were up 3.5% in April over March, and up 7% compared to the same time last year, according to a report prepared for the Pennsylvania Association of Realtors®. There were 36,495 listings in April, compared to 32,761 in March.

The statistics show a slight increase in most price range homes, including the number of moderately priced homes. That’s particularly helpful to first-time buyers.

This growing number of homes on the market is good news for homebuyers. The increased inventory gives buyers more options so that they may face less competition for a home. And this rising inventory also shows a slight shift toward a more balanced market.

Home Sellers Now Outnumber Buyers By Largest Margin in 12 Years, Report Finds

After years of bidding wars and climbing home prices, the balance of power in the housing market may finally be shifting.

Home sellers now vastly outnumber buyers in the US, according to an analysis released Thursday from real estate company Redfin. The report found that there were nearly 500,000 more home sellers in the market than buyers as of April, the largest gap between the two groups since Redfin began compiling the data in 2013.

High Housing Costs Are Keeping Homebuyers at Bay–But Price Relief Is in Sight

The median monthly mortgage payment nationwide was $2,860 during the four weeks ending May 25, up 3.6% year over year and just $25 shy of the all-time high. Housing payments are high for two reasons: The weekly average mortgage rate is 6.86%, the highest level in three months, and the median U.S. home-sale price is up 1.9% year over year.

High costs, along with widespread economic uncertainty, are keeping would-be homebuyers at bay. Pending home sales are down 1.7% from a year ago, and Redfin’s Homebuyer Demand Index–a measure of tours and other buying services from Redfin agents–is essentially flat from a month ago. Of the homes that are going under contract, roughly 14% of those deals are canceled, the highest share for this time of year since the housing market nearly ground to a halt at the start of the pandemic.

But the tide is starting to turn for homebuyers.

April New Home Purchase Mortgage Applications Increased 5.3 Percent

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April 2025 shows mortgage applications for new home purchases increased 5.3 percent compared from a year ago. Compared to March 2025, applications increased by 2 percent. This change does not include any adjustment for typical seasonal patterns.

"Despite the ongoing economic uncertainty and mortgage rate volatility, April was a strong month for new home purchase activity, with applications posting an annual gain for the second straight month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The applications index reached its highest level in the survey's history dating back to 2012. Additionally, MBA’s estimate of new home sales also increased over the month to a 718,000 seasonally adjusted annualized pace, its strongest pace since October 2024. As the unsold inventory of new homes continues to grow in many parts of the country, reduced buyer competition and pricing pressures supported more buying activity over the month.”

Fannie Mae: Mortgage Originations Will Reach $1.99 Trillion in 2025

Mortgage originations will rise to $1.99 trillion in 2025 and $2.38 trillion in 2026, according to the latest economic outlook from Fannie Mae.

That’s up compared with last month’s forecast of $1.98 trillion and $2.33 trillion, respectively.

Fannie Mae has revised its real gross domestic product (GDP) growth outlook for 2025 to 0.7%.

For 2026, it is forecasting 2.0% GDP growth.

That’s up from 0.5% and 1.9% GDP growth in 2025 and 2026 in its previous forecast.

Moving To and From PA Is Least Expensive

Moving can be expensive, but the cost depends on the distance of your move, the total weight of your belongings and other factors. StorageCafe reports that a long-distance move can cost anywhere from $2,200 to $10,500 or more. In comparison, local moves typically range between $800 to $2,500.

For those moving to or from Pennsylvania, the move might be more affordable than other state-to-state moves. On StorageCafe’s list of Top 10 Least Expensive State-to-State Moving Routes, the commonwealth shows up several times.

We hope you enjoyed this Market News Update. For more information about how we can help you, please contact us.

Plymouth Meeting: 610.834.8700

Doylestown: 215.345.7600

NJ: 609.398.8600

info@phillyadvisors.com

www.phillyadvisors.com

Share This Email

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.