Home prices are leveling around the country, and in some regions are even coming down, as more homes are being listed for sale, write Janice Kai Chen and Rachel Lerman for The Washington Post.
According to a recent WaPo analysis of home value data, single-family home prices grew only 2.7 percent nationally in the last year compared to 6 percent last year.
Home prices and mortgage rates grew rapidly over the past six years, leaving many unable to afford homes and out of the market.
“Buyers were just simply hit with the housing affordability challenges,” said Lawrence Yun, chief economist of the National Association of Realtors. “The buying aspiration is there, it’s just that the capacity is not.”
Philadelphia home prices have increased by an average of 4.4 percent in the last year.
The 19120 ZIP code saw prices rise 6.4 percent since last year to about $197,000.
The 19124 ZIP code has seen an 8.6 percent increase since 2024 to about $207,000.
Meanwhile, the 19107 ZIP code saw a 0.9 percent decrease since last year to an average of $361,000.
The 19140 ZIP code has seen a 5 percent increase since 2024 to an average of $162,000.
The 19103 ZIP code increased 1.2 percent since last year to about $607,000.
Read more about how Philadelphia home prices have changed in The Washington Post.
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