Median sales prices for homes in the Philadelphia area slipped by 6.7 percent from first-quarter 2008 to first-quarter 2009. That was not as steep as the overall 14 percent decline across the country, based on first-quarter data from the National Association of Realtors.
The organization believes the fall is generally due to lower prices for foreclosed single-family homes, condos and co-ops.
The national median home sales price fell to $169,000 and distressed properties sold for 20 percent less than others listed for sale. For the area covering Philadelphia, Camden, N.J., and Wilmington, Del., the median single-family home sale price stood at $206,0000, compared with $220,000 for the same period a year ago.
Overall sales fell 6.8 percent nationally but the decline was much higher in Pennsylvania, where sales fell 18.8 percent from first-quarter 2008 to first-quarter 2009.
Nationally, the largest sales increase was in Nevada (up 116.8 percent), followed by California ( 80.6 percent).
The NAR report is consistent with data tracked by Prudential Fox & Roach’s HomExpert Report. That real estate brokerage found that home sales in the Philadelphia region fell dramatically in the first quarter and housing prices sank. The number of houses that sold fell by 26.2 percent compared with the same period a year ago. In the quarter, 9,162 houses traded while 12,408 sold in the same period a year ago. The average number of days a home sat on the market increased to 95 days, compared with 81.
Median home sale prices slid by 7.4 percent to $199,000, according to Prudential Fox & Roach, compared with $215,000 in the first quarter of last year.
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