Greater Philadelphia Housing Prices Remained Steady in the First Half of 2008
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RISMEDIA, August 5, 2008-Greater Philadelphia region* median home prices decreased 0.5 percent to $224,900 in the first half of 2008, according to Prudential Fox & Roach, Realtors® HomExpert Market Report©. The median sale price in the first half of 2007 was $226,000.
In the first half of 2008, the region saw 27,839 homes sold, a 29 percent decrease, compared to 39,206 homes sold in the first half of 2007. The average number of days a home remained on the market increased from 66 days in the first half of 2007 to 77 days in the first half of 2008.
Additionally, monthly average inventory for the first half of 2008 was 61,159 compared to 57,985 in the first half of 2007. To sell the entire inventory listed on the market during June 2008, it would take 10.2 months, compared to 6.7 months during June 2007 and 5.5 months during June 2006.
Salem County posted the largest percent increase in median sale price in the Greater Philadelphia Region, increasing 6.6 percent in the first half of 2008 to $177,500, followed by Philadelphia County at 2.1 percent to $143,000, Mercer County at 1.9 percent to $275,000 and both Chester County and New Castle County remained unchanged at $310,000 and $225,250 respectively.
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