Rising mortgage rates and record high home prices are causing the market to cool slightly.

In June, the percentage of homes on the market receiving multiple offers fell below 50% for the first time in more than two years. Redfin found that 49.9% of offers received competition in June, down more than 15% year over year and down 7.4% from May. This is the fifth consecutive month of declines in the percentage of multiple offers. Townhomes were the most likely to have buyers in a bidding war at 54.6%, followed by single-family homes at 52.3%, condos and co-ops at 47% and multi-family properties at 41.3%. However, Philadelphia still has a higher percentage of homes receiving multiple offers at 65.7%, the third highest of metros in the U.S. Yet, it is still a decrease for the Philly from both May 2022 and year over year.

Not surprisingly, showings are also down. ShowingTime found that showings in June were down 18.7% year over year, representing the third consecutive month of declines. However, the Northeast saw the smallest decrease over showings at just 10.9% year over year. Comparatively, the West saw a 44.1% decrease in showings from June 2021.se.

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Source: Pennsylvania Association of Realtors