Existing-home prices flat in Phila., up elsewhere

Existing-home prices in 40 metro areas rose in the fourth quarter of 2009, the National Association of Realtors reported today.

The NAR said prices in the Philadelphia region were flat in the quarter from the same period in 2008 - $212,500 versus $212,600.

Year-over-year sales were higher in 49 states and the District of Columbia. All but three states had double-digit annual increases. Pennsylvania sales for the fourth quarter were 26.6 percent higher than the 2009 period; New Jersey sales rose 34.1 percent.

Lawrence Yun, NAR chief economist, said the first-time home buyer tax credit was the dominant factor.    - Alan J. Heavens