Despite affordability concerns pausing many buyers, the current conditions, including stable low rates and a slight uptick in listings, are making spring an opportune time to re-enter the Philadelphia region’s housing market, writes Mark Zandi for The Philadelphia Inquirer.

House price growth has slowed due to affordability constraints. Mortgage rates, currently around six percent, are about as low as they can be expected to go.

Although rates fluctuate with economic conditions, the current rate aligns with what economists had anticipated, given current market volatility. While it may be difficult to accept, the unusually low rates of recent years were a pandemic-era anomaly.

Although inventory remains low, it is gradually increasing. Life events such as having children, reaching an empty nest, divorce, or death have left many families in homes that no longer meet their needs.

While some may wait out the market, most will eventually need to list their homes, regardless of any perceived financial loss.

Additionally, while future house price growth is unlikely to reach the highs of recent years, it is reasonable to expect some annual appreciation in the low single digits over the next decade, which still makes housing a worthwhile investment.

Read more about why spring seems to be an opportune time to re-enter the housing market in the Philadelphia region in The Philadelphia Inquirer.

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