Redfin report: Sale prices up, inventory down in Philadelphia
Redfin released its August housing market report last week, echoing news about sale prices and inventory that is beginning to sound familiar in the region.
Home prices were up just north of 6 percent last month and sales fell 4.6 percent in the city proper. This is largely tied to an ongoing decline in housing inventory – August 2016 saw 21 percent fewer homes on the market in Philadelphia than August 2015. And while last August most houses sold in about 54 days, it's taking about 41 days to sell a house in the city now. Which means it's no surprise that the houses that are selling are typically selling just over 15 percent above the asking price.
The trend holds when considering the suburbs as well. Regionally, the median sale price increased 2.5 percent this August when compared to last year, and inventory was down 19.2 percent from August 2015. Sales in the greater metro area tend to take about 46 days and come in around 15.7 percent over ask.
Nationally, the average home sold for 93.8 percent of its asking price last month.
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