Monthly Economic Report: Philadelphia Home Sales Price Nearly Unchanged Since 2007


Audit Date: April 27, 2012

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release:
April 27, 2012

Contact: Brian Dries
215-686-8869

Philadelphia Home Sales Price Nearly Unchanged Since 2007
Controller Alan Butkovitz’ economic report includes comparison of median home sales prices between Philadelphia & other large U.S. cities

March 2012 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today issued his latest economic report that indicated Philadelphia’s median home sales price declined only four percent over the last five years. In April 2007, the median price was $120,000 compared to the current reporting price of $115,000.

Philadelphia’s decline in median home sales price was not as steep as what many other large U.S. cities included in the Controller’s review experienced throughout the latest recession period. Phoenix realized the largest decline with 62 percent, from $235,000 in April 2007 to $90,000 in April 2012.

Chicago and Los Angeles followed with declines at or about 45 percent. Chicago went from $295,000 to $161,000 and Los Angeles from $525,000 to $292,000 during the same reporting period. Other cities with declining median home sales prices included:

City

April 2007

April 2012

% Change

San Jose

$650,000

$375,000

-42%

San Diego

$460,000

$300,000

-35%

Dallas

$72,000

$53,000

-26%

Houston

$91,000

$79,000

-13%

Median sales price data was gathered by using Trulia’s Market Trends, which is an online real estate site that compiles its data from public sources. The latest reporting data for Philadelphia was from October 2011. All other cities included in the reported were as of April 2012.

Along with reviewing median home sale prices, the Controller’s March 2012 economic report found that monthly tax revenues (city & PICA) totaled $270.2 million, which is a 23 percent decrease from collections in March 2011. Monthly sales tax collections totaled $19.3 million, a seven percent increase from the same month last year and the fifth consecutive month of increases over the same month from the previous year.

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. The Controller’s economic report is a useful tool for policy makers and analysts in understanding our regional and local economy.

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