drbubb Posted January 27, 2018 Author Report Share Posted January 27, 2018 Philly’s housing inventory dipped to all-time low (again) at end of 2017 Fourth quarter numbers show that Philly’s real estate market experienced both a tight inventory and a fall in house prices. Is relief on the way? By Melissa Romero January 23 At the end of 2017, there were 3,329 single-family homes for sale in Philly, making it the lowest level of housing inventories in the city’s history. At the same time, house prices took a small dip from the last quarter, offering a bit of relief to homebuyers. That’s according to the latest numbers from Kevin Gillen, senior research fellow at the Lindy Institute for Urban Innovation, who just his released fourth quarter report on the state of Philly’s single-family housing market. This does not include condos. “The fact that house prices have decelerated while inventories continue to drop towards ever-lower levels would seem to be something of a contradiction,” Gillen writes. “Typically, low supply is both empirically and historically associated with significant upward pressure on house prices.” Q4 2017 by the numbers $150K median house price 12.7% annual average home price appreciation 49 homes sold for $1M+ 3,329 homes for sale 5,245 homes sold In the fourth quarter, the median house price fell slightly to $150,000 from $159,900. Gillen points out that it is not uncommon to see this dip at the end of the year, since the housing market tends to slow down in the winter months. Link to comment Share on other sites More sharing options...
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