Philly housing prices defy national trend

August 27, 2008 5:45:38 AM PDT
A new government survery shows that housing prices have dropped again nationwide, but in the Philadelphia area the figures are a bit better. The government survey of home prices for the second quarter of the year shows that prices were down nearly 5 percent from last year. But the outlook was a lot brighter in Philadelphia.

Greater Philadelphia Association of Realtors president William Festa says home prices in the region are actually up 3 percent. And, he says, it's taking an average of 72 days for a home to sell in the Philly area, if owners have the house properly prepared.

Festa says that since housing prices in Philadelphia never rose as much as in some other cities, there was no steep decline.

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