Median house prices dipped 2.6% in Phila. area last year - Philadelphia Business Journal:

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percent to $223,000 in 2008, accordinhg to the HomExpert Market demonstrating that housing prices took a hit from the economiv crisis but not to the extent of the overal lnational market. Nationally, the median sale price droppe last yearby 9.3 according to the data, down to $198,600 $219,000p in 2007. Philadelphia County was the only countyg in the region where the median price increasesdlast year, rising by 0.9 percenrt to $141,237, according to the Prudential Chester County registered the highest mediah sale price of $304,250, followesd by Bucks County at $282,500. Montgomery County’s median sale pricse was $263,000.
The pace of homes sales in the regionb was also off for the year and real estate agents are hopeful that low interest rates and eagert sellers will kick up more salex in the springselling season, whichn unofficially kicks off afted the Super Bowl. In 57,877 homes sold in the a 23.9 percent decrease, compared to 76,0843 homes sold in 2007. That figure was down 32.2 percent from 2006 when 85,302q homes sold. On a national scale, 4.9 million existing-homeas sold, which was 13.1 percent below the 5.6 millionh transactions recordedin 2007, according to the National Association of Realtors. That was the lowest volumw since 1997 when therewere 4.3 millionh sales.
Philadelphia County recorded the highest number of salex last yearwith 13,159 but that figure was stil l off 22.9 percent when compared to 2007. Sales were down in outlyinfg counties, too. For example, Montgomery Countyu had 8,047 transactions, which was down 20.7 The average number of days a home remainesd on the market in the Philadelphia area increasedd from 65 days in 2007 to 77 days last according to theHomExpert report. In homes sat on the markety for an average of 54 daysin 2006. And, there were more homesw for sale. Monthly averagd inventory last yearwas 60,530 compared with 60,166 in 2007 and 54,0098 in 2006.