Philadelphia Housing Market Moves Sideways – or Declining?

(Click on the image to enlarge)

After having experienced a linear growth in prices (Apr-July), Philadelphia housing market has been moving sideways, remaining range-bound between $180K and $185K. Alternatively, when the prices are normalized (by the living area / bottom graph), the trend is sideways to (slightly) declining (from $135 to $129).

This sideways consolidation is quite common in the winter months in northeast. Of course, the counter case could be equally compelling: Then, why is this decline when the inventory is so tight? We just have to wait and see what is in store for this market...

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