February 15, 2023

By Aaron Moselle

New data out of Philadelphia draws a familiar conclusion about the city’s housing market: It’s a rotten time to be a potential first-time buyer.

Mortgage rates have come down a bit, but remain elevated. Home prices are still considerably higher than they were pre-pandemic. And inventory is low, in part because existing homeowners aren’t selling.

“We’re in the bad times,” said Mark Zandi, chief economist at Moody’s Analytics.

“It’s uncomfortable for people in the housing market. And if you’re a realtor, this is really bad. If you’re a single-family home builder, it doesn’t feel all that good.”

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