Kevin Gillen’s 2008 Q3 report on the Philadelphia housing market indicated that Philadelphia house values continued to exhibit significant resiliency this past quarter, despite low sales levels and a steady drumbeat of negative news about the economy. The typical Philadelphia home fell in value by an average of only 0.3% on a quality- and seasonally- adjusted basis. When added to previous price declines, Philadelphia house prices are cumulatively down 6.8% from the housing market’s peak of just over one year ago. The Philadelphia’ housing market continues to decline, but at a rate far less than most other major U.S. cities. According to Case-Shiller MacroMarkets’ composite house price index, house prices have fallen by an average of just over 20% in the largest U.S. cities, compared to only 6.8% in Philadelphia. Compared to other cities in Case-Shiller’s
index, seventeen cities have experienced cumulative
price declines that are larger than Philadelphia’s, and
only three cities have experienced cumulative price
declines that are smaller than Philadelphia’s. The
production of this report is supported by Econsult, in
conjunction with Hallwatch.org.
 Philadelphia House Price Indices, 2008 Q3
Philadelphia House Price Indices: Technical FAQ and Documentation |
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