Philadelphia, PA - Local Housing Data - Summary

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Philadelphia, Camden, Wilmington, PA, NJ, DE, MD

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Philadelphia, PA Local News

  • As People Waited for Foreclosure, Some Paid-Off Debt

    Wall Street Journal staffer Ben Leubsdorf reports on a Federal Reserve Bank of Philadelphia analysis that observes that the sheer number of foreclosures during the recession may have helped some Americans pay off other debts, such as credit-card bills (paywall).

  • Relos Tip Field in Toll's Favor

    Philadelphia Inquirer staffer Alan J. Heavens reports that one sign of the improving economy has been a resurgence in corporate relocations in some parts of the country, which, he notes, is good for Toll Brothers' business. Among others.

  • Top 10 Markets for First-Time Home Buyers in 2014

    The top 10 markets for first-time home buyers this year include seven metropolitan areas in Sun Belt states, plus the areas around Pittsburgh and Philadelphia, according to a new report by realtor.com.

New Home Closings in Philadelphia Gain, Prices Decline According to Recent Figures

Posted on: Apr 06, 2014 07:32:37 AM

The Philadelphia, PA market saw an increase in closings of new homes in December year-over-year, bouncing back from a fall in November 2013. Closings climbed 5.0% from a year earlier to 545. This came after a 2.1% drop year-over-year in November.

A total of 5,630 new homes were sold during the 12 months that ended in December, up from 5,604 for the year that ended in November.

New home closings were 9.7% of total number of closings, same as last year. Closings of new and existing homes gained year-over-year in December following a decline in November year-over-year.

Pricing and Mortgage Trends

In December, the average price of newly sold homes fell year-over-year to $401,470 per unit, marking a 3.2% fall from the year-earlier figure. This fall compares to a 3.3% gain in November year-over-year.

For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. Average mortgage size slid by 3.4% from a year earlier, settling at $305,852 in December. In November 2013, average mortgage size increased 1.3% from a year earlier.

 
 
 

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