The hyper-competitive Philadelphia area housing market is finally starting to show some signs of cooling, with homebuyers regaining leverage, writes Ryan Mulligan for the Philadelphia Business Journal.

The number of listings in the area has gone up recently and the median time on the market is on the rise as well, which is finally giving returning some leverage to homebuyers.

The typical home in the Philadelphia metro remained on the market for 11 days in August, which is two days longer than in the same period last year.

Meanwhile, overall active listings have climbed by 16.9 percent to 11,062 from 9,460.

Closed home sales were slightly down last month across the 11-county Philadelphia region.

The area recorded 5,848 new pending sales, which is 0.2 percent less than the same period last year, 6,810 new listings, whivh is a drop of 0.5 percent, and 6,102 closed sales, a decrease of 0.8 percent.

Overall inventory was slightly higher in August at 2.09 months, compared to 1.7 months at the same time last year.

Still, prices remained high, with the median sale increasing almost seven percent year-over-year from $370,000 to $395,308.

Read more about the Philadelphia region’s hyper-competitive housing market in the Philadelphia Business Journal.