After several consecutive quarters of trying to find its footing, Philadelphia’s housing market appears to have slipped again in Q4, according to the most recent data.
The typical Philadelphia home fell in value by 2.4 percent on a quality- and seasonally- adjusted basis this past quarter, according to the latest data from the City’s Recorder of Deeds. For most of 2011, house prices in Philadelphia had exhibited some signs of stabilization following several years of price declines since their peak in 2007. With this latest drop, the average Philadelphia home has fallen in value by a total of 18% since the bursting of the national housing bubble several years ago, with house prices currently having reverted to their 2005 levels. (January 30, 2012)
 Kevin Gillen Market Commentary for
4th Quarter 2011
Philadelphia House Price Indices, 2011 Q4
Philadelphia House Price Indices: Technical FAQ and Documentation
Press Release (January 30, 2012)
In addition, the report received the following coverage in the media:
Home Prices drop 2.4% in Phila. for fourth quarter (Philadelphia Inquirer, January 31, 2012)
|
