Philadelphia Bucking Trend in Real Estate Sales
Investing in Philadelphia residential real estate? Despite news reports about a downturned real estate market, it seems that Philadelphia is bucking the trend.
In a , ” the Philadelphia area bucked not only a national trend but a Northeast trend as well, as activity in the Northeast region fell 7.2 percent from October to November, and was down 14.6 percent in November compared to a year earlier.” The index used “increased 24 percent” from October to November.
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Comments (2)
Josh - "Back it up with some numbers?" That's why I referenced the article in the Philadelphia Business Journal and gave a link to it. The article states, "Nationwide the index sank 4 percent from October to November, and was 5.3 percent lower than in November 2007, according to the National Association of Realtors. “The current index is the lowest since the series began in 2001,†the association said. "The Philadelphia area bucked not only a national trend but a Northeast trend as well, as activity in the Northeast region fell 7.2 percent from October to November, and was down 14.6 percent in November compared to a year earlier." Josh you comment - "but that doesn't indicate that the Philly market is anywhere near recovery." I never said, and neither does the article, that the Philly market is anywhere near recovery - it just says that it "bucked the trend" for the month of Novemeber.
Bill Jur, about 15 years ago
Bill - You say "Despite news reports about a downturned real estate market, it seems that Philadelphia is bucking the trend." - can you back that up with some numbers? Is the Philly market seeing increases in median home pricing? It looks like the index you're referring to tracks pending home sales. Wouldn't that include the REOs and other beaten down homes? Markets around the country have seen a pickup in sales because people are scooping up downtrodden properties, but that doesn't indicate that the Philly market is anywhere near recovery. Thoughts?
Joshua Dorkin, about 15 years ago