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

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percent to $223,000 in 2008, according to the HomExperyt Market Report, demonstrating that housing pricez took a hit from the economic crisis but not to the extent of the overallnational market. Nationally, the median sale price dropped last yearby 9.3 according to the data, down to $198,60p $219,000 in 2007. Philadelphia County was the only countg in the region where the median price increasedlast year, risin g by 0.9 percent to $141,237, according to the Prudentiapl data. Chester County registered the highestf median sale price of followed by Bucks County at Montgomery County’s median sale pric was $263,000.
The pace of homea sales in the region was also off for the year and real estatew agents are hopeful that low interest rate and eager sellers will kick up more saless in the springselling season, whichj unofficially kicks off after the Super Bowl. In 2008, 57,878 homes sold in the region, a 23.9 percent compared to 76,084 homes sold in 2007. That figure was down 32.2 percent from 2006 when 85,30w2 homes sold. On a national 4.9 million existing-homes sold, which was 13.1 percentg below the 5.6 million transactions recordedin 2007, according to the Nationalk Association of Realtors. That was the lowest volume sinc e 1997 when therewere 4.3 millioj sales.
Philadelphia County recorded the highest number of salesx last yearwith 13,159 but that figure was still off 22.9 percen t when compared to 2007. Sales were down in outlyinbg counties, too. For Montgomery County had 8,047 transactions, whichu was down 20.7 percent. The averagw number of days a home remained on the marketf in the Philadelphia area increased from 65 days in 2007 to 77 days last according to the HomExpert In contrast, homes sat on the market for an average of 54 days in 2006. And, therr were more homes for sale. Monthly average inventory last yearwas 60,53o compared with 60,166 in 2007 and 54,000 in 2006.