The National Association of REALTORS® released its March 2026 existing-home sales report today. The headlines paint a cautious picture. Sales are down nationally, buyers are taking longer to commit, and uncertainty around mortgage rates isn't helping. That's worth knowing. But if you're buying or selling in Philadelphia or Montgomery County, the data looks a bit more nuanced than the national story suggests.
Here's what the numbers actually say, and what I'm seeing locally.
The National Picture
Existing-home sales fell 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million, and are down 1.0% from a year ago. NAR Chief Economist Lawrence Yun pointed to two headwinds: lower consumer confidence and softer job growth holding buyers back.
Prices, however, are still climbing. The national median existing-home sales price reached $408,800 in March, up 1.4% year-over-year and the 33rd consecutive month of year-over-year price increases.
Inventory ticked up to 1.36 million units, representing a 4.1-month supply. That's better than a year ago, but still well below the 5-6 months generally considered a balanced market.
The mortgage rate picture improved slightly: the average 30-year fixed rate was 6.18% in March, down from 6.65% a year ago, though NAR has revised its 2026 sales forecast downward because rates have since moved higher.
How the Northeast U.S. Stacks Up
This part is worth paying attention to. The Northeast saw an 8.5% decrease in sales month-over-month and is down 12.2% year-over-year, the sharpest regional decline in the report. The silver lining: the Northeast median price rose to $494,500, up 5.7% from March 2025.
I'll be honest: this doesn't entirely surprise me. I've felt the hesitation out there this spring. Buyers are circling longer before committing.
What Q1 Bright MLS Data Shows Locally
The national and regional numbers are useful backdrop, but they're an average across tens of thousands of transactions. The Q1 2026 Bright MLS data I pulled for the specific markets I work in tells a more precise story.
Montgomery County is moving faster than the national numbers suggest. Across the county, the Q1 2026 median sold price was $449,925 with an average of 36 days on market. Current inventory sits at just 2.5 months' supply, well below the national 4.1 months. Abington Township is even tighter at 1.9 months, and Springfield Township (home to Wyndmoor and Erdenheim) is at 1.4 months. Those are seller's market conditions by any measure. Cheltenham clocked a Q1 median of $425,000, Abington $439,000, and Springfield $599,000.
Northwest Philadelphia zip codes are holding up, though with more variability. In 19128 (Roxborough and Manayunk), 89 homes sold across Q1 at a median of $400,000, with 3.5 months of supply currently. In 19127, the Q1 median came in at $384,950. Chestnut Hill (19118) is a different animal entirely. Fifteen homes sold in Q1 at a median of $1,025,000, with demand staying strong despite the price point. Mt. Airy (19119) saw 50 sales at a $347,500 median, with inventory currently at 3.1 months.
All of Philadelphia County saw 2,682 homes sell in Q1 at a median of $270,000, with a current months' supply of 5.2. That's closer to the national level and the softest of the markets I track.
What This Means If You're Buying or Selling
The national slowdown is real, and mortgage rate uncertainty is something every buyer is factoring in right now. But inventory scarcity in Montgomery County and parts of Northwest Philadelphia is also real, and it creates a fundamentally different negotiating environment than what the national headlines describe.
If you're a seller in Abington, Springfield, or Chestnut Hill, the supply-demand math still favors you. If you're a buyer anywhere in this market, knowing the months' supply figure for a specific zip code matters more than any national stat.
The best thing I can tell you is what I tell every client: there's no substitute for sitting down and looking at the actual comparables for your street. If you have questions about what Q1 looked like on your block, or what spring 2026 is shaping up to be, just reach out.
Henry is a Philadelphia-based REALTOR® serving buyers and sellers in Northwest Philadelphia and Montgomery County, PA. Questions? Get in touch.
