This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Econsult, an economics consulting firm based in Philadelphia PA that provides statistical & econometric analysis in support of litigation as well as business and public policy decision-makers. His results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology.
Kevin does a great job parsing out the market and it is a pleasure to share his results on Matrix —Jonathan Miller
Here’s some press coverage on the findings.
After seven consecutive quarters of declining house prices, the typical Philadelphia home actually rose in value by an average of 6.8% on a quality- and seasonally- adjusted basis this past spring, according to the latest analysis by Wharton and Econsult economist Kevin Gillen. This is a reversal from nearly two years of price declines. And, when added to previous price declines, Philadelphia house values are down cumulatively by 12% from the local market’s peak of two years ago.
UPDATE: Kevin released his Philadelphia Regional House Price Indices, 2009 Q2 which includes the Philly perimeter of outlying counties in Pennsylvannia, Delaware and New Jersey.
The Greater Philadelphia Region’s housing market exhibited some signs of stabilizing this past quarter, with both house sales and prices showing modest increases. (August 12, 2009)