Despite a 2.6% decline in the fourth quarter, overall house
prices grew 4.5% in 2013.
ESI’s Philadelphia Housing Index report shows a 4.5% annual
increase in house prices, mostly due to market improvements in Lower North
Philadelphia, South Philadelphia, the River Wards, and University City. The
picture has been less encouraging for the Lower Southwest and North Delaware
districts which continued to struggle throughout the year.
Philadelphia housing markets had another poor fall in 2013.
Quality-adjusted prices of single-family houses in Philadelphia decreased by an
average of 2.6 percent this quarter and are up 4.5 percent from a year ago.
This reflects a continuation of low overall price growth and especially weak
autumn markets from the past few years.
Overall, there were 3,427 arms-length sales of single family
homes this quarter, which is down 8.1 percent from the previous quarter, and up
9.1 percent from the same quarter a year ago.
The above map shows the overall 2013 change in quality
adjusted house prices for each of the ESI districts. Lower North Philadelphia,
South Philly, the River Wards, and University city saw the biggest appreciation
during the year. Showing the largest declines were the Lower Southwest and
North Delaware districts.
See the full PDF report here…
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