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Philadelphia-area home prices, sales down so far in 2011 - Philadelphia Business Journal

The Philadelphia region’s median home sale price declined by 4.8 percent of this year and sales tumbled 21.5 percent compared to the same period last year, when a federal tax credit program was in full throttle, according to Prudential Fox & Roach’s HomExpert Market Report.

But in the second quarter the median sales price recovered a bit, and ended up 1.2 percent higher than midyear 2010 at $207,400.

In other key housing indicators, the average number of days a home remained on the market increased from 86 in the first half of last year to 104, and absorption of existing housing stock lagged as the number of homes on the market was basically unchanged in the first half of the year at 57,443, compared to 57,574 in the first half of last year and 57,323 in the first half of 2009.

Of note:

• Chester County posted the highest median sale price in the first half of 2011 at $288,390, a 2 percent decrease compared to last year, followed

via www.bizjournals.com

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