Philadelphia Home Sales Up, Prices Down in First Quarter of 2012

Philadelphia Real EstateThe number of houses that sold in the first quarter in the Philadelphia region increased by 13.8 percent over last year and was at its highest point since 2009. But the median sale price slid down by 4.6 percent, according to Prudential Fox & Roach HomExpert report.

Pent-up demand is one factor driving sales, as well as continued job growth, low interest rates and affordable housing prices, according to the real estate brokerage. The monthly average inventory of homes available on the market for the region decreased slightly in the first quarter of the year, at 50,725 compared with 53,931 in the first quarter of 2011.

The average number of days a home remained on the market increased slightly from 109 days in the first quarter of 2011 to 112 days this year. That’s also longer than the same time period in 2010, when homes remained on the market for an average of 92 days.

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