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Regional Spotlight: Greater Philadelphia Housing Prices Decreased 6.3 Percent in First Half of 2009

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RISMEDIA, July 24, 2009-Greater Philadelphia region* median home sale prices decreased 6.3% to $210,000 in the first six months of 2009, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. The median sale price in the first half of 2008 was $224,000. The region’s median sale price decreased 7.1% compared to the first half of 2007 when the median sale price stood at $226,000.

In the first half of 2009, the region saw 23,715 homes sold, which is a 20.5%percent decrease from the 29,821 homes that sold during the first half of 2008 and a 45.9% decrease from the 43,814 homes that sold during the first half of 2007. The average number of days a home remained on the market increased from 78 days in the first half of 2008 to 91 days in the first half of 2009. In the first half of 2007, homes remained on the market for an average of 66 days. Additionally, monthly average inventory for the first half of 2009 was 57,323 compared to 61,318 in the first half of 2008 and 57,985 homes for sale in the first half of 2007.

Delaware County performed the best in the region in median sale price in the first half of 2009 remaining unchanged at $200,000, which was also the median price for the first half of 2008. Philadelphia County’s median sale price fell 2.1% to $139,000 in the first half of 2009, followed by New Castle County decreasing 4.3% to $220,000. With a 15.1% decrease in median sale price, Mercer County experienced the region’s largest decrease in the first half of 2009 falling to $232,500, compared to $274,000 in the first half of 2008. Philadelphia County fared the best in the region compared to the first half of 2007 with a 0.7% decrease in median sale price moving from $140,000 in the first half of 2007 to $139,000 in the first half of 2009.

In pure dollars, Chester County posted the highest median sale price in the first half of 2009 at $280,000, followed by Bucks County at $265,000, Montgomery County at $245,750, Mercer County at $232,500 and New Castle County at $220,000. Philadelphia County posted the lowest median sale price in the 12-county region at $139,000.

Philadelphia County posted the highest number of homes sold in the first half of 2009 with 5,375; but that was still a 22.8% decrease compared to the first half of 2008. Following Philadelphia County were Montgomery County (3,244, -21.3%), Bucks County (2,245, -18%), Delaware County (2,173, -23%) and New Castle County (2,117, -17.6%). Salem County performed the best in the region in percent change of total homes sold decreasing 8.7% from 230 homes sold in the first half of 2008 to 210 homes sold in the first half of 2009. Compared to the first half of 2007, Chester County performed the best in the region seeing a 35.3% decrease from 3,084 homes sold to 1,996 sold in the first half of 2009. Kent County performed the worst in the region, falling 47.5% to 512 homes sold in the first half of 2009, compared to 976 homes sold in the first half of 2007.

Other first half 2009 HomExpert Market Report© findings:

12-County Region-Princeton Township in Mercer County posted the highest median sale price in the Greater Philadelphia region at $705,000, followed by Princeton Borough in Mercer County at $657,500, Upper Makefield Township in Bucks County at $546,250, Solebury Township in Bucks County at $532,000 and zip code 19102 in Philadelphia County at $520,000.

Center City-Center City median home prices decreased 8.7% to $335,000 in the first half of 2009, compared to the median sale price in the first half of 2008, which stood at $367,000. In the first half of 2009, Center City saw 472 homes sold, a 30.9% decrease, compared to 682 homes sold in the first half of 2008.

Main Line-Main Line median home prices decreased 13.2% to $330,000 in the first half of 2009, compared to the median sale price in the first half of 2008, which stood at $380,000. In the first half of 2009, the Main Line saw 921 homes sold, a 21.4% decrease, compared to 1,170 homes sold in the first half of 2008.

New Jersey Shore Counties-Atlantic County median home prices decreased 14% to $215,000 in the first half of 2009, compared to the median sale price in the first half of 2008, which stood at $250,000. In the first half of 2009, 1,080 homes sold in Atlantic County, a 22.3% decrease when compared to 1,387 homes sold in the first half of 2008. The average number of days a home remained on the market increased from 114 days in the first half of 2008 to 122 days in the first half of 2009.

For more information, visit www.HomeExpertReport.com.

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