The typical Philadelphia home remained effectively unchanged in value in Q3, falling by a scant 0.2% on a quality- and seasonally- adjusted basis this past summer, according to the latest data from the City’s Recorder of Deeds. This comes after a spring and winter in which prices were also essentially flat, following several years of price declines after their peak in 2007. Philadelphia’s housing values have now experienced their three most stable quarters since 1999. As such, the average Philadelphia home’s total decline in value since the bursting of the national housing bubble several years ago remains unchanged at 16%, with the average home currently valued at 2005 levels. (October 24, 2011)
After several years of declining prices and falling sales, Philadelphia’s housing market appears to be exhibiting some signs of finding its bottom, according to the latest quarter’s data.
Kevin Gillen Market Commentary for
3rd Quarter 2011
Philadelphia House Price Indices, 2011 Q3
Philadelphia House Price Indices: Technical FAQ and Documentation