Local housing values up slightly for quarter<br />By Alan J. Heavens<br />Inquirer Real Estate Writer<br /><br />The <a class=”inform_highlight” title=”Philadelphia” href=”http://www.inform.com/Philadelphia”>Philadelphia</a> area is not included in the housing-price index released yesterday, but other recent reports point to a healthier market here than in other parts of the country.<br /><br />Third-quarter existing-home-sales data, compiled by the HomExpert Market Report from the Trend Multiple Listing Service, show median prices in metropolitan Philadelphia’s five <a class=”inform_highlight” title=”Pennsylvania” href=”http://www.inform.com/Pennsylvania”>Pennsylvania</a> counties were 1.9 percent higher from a year earlier.<br />Median prices rose 6 percent in the three <a class=”inform_highlight” title=”South Jersey Industries Inc.” href=”http://www.inform.com/South+Jersey+Industries+Inc.”>South Jersey</a> counties, and there was a median price gain of 0.3 percent in Philadelphia in the period, the data show. <a class=”inform_highlight” title=”Center City” href=”http://www.inform.com/Center+City”><strong><span style=”font-size:130%;”>Center City</span></strong></a><strong><span style=”font-size:130%;”> prices were up 6.3 percent. </span></strong><br /><br />Those local numbers, while better than a lot of comparable metro areas, don’t tell the complete story, since they are missing new-home-sales data.<br /><br />”I’m generally reluctant to state the results before they’re confirmed,” said <a class=”inform_highlight” title=”Kevin Gillen” href=”http://www.inform.com/Kevin+Gillen”>Kevin C. Gillen</a>, a <a class=”inform_highlight” title=”The Wharton School of the University of Pennsylvania” href=”http://www.inform.com/The+Wharton+School+of+the+University+of+Pennsylvania”>Wharton School</a> research fellow and vice president of the Philadelphia economic-consulting firm Econsult, who is updating his city numbers for the third quarter.<br /><br />”But from the [very] preliminary numbers I’ve seen, the word for the day is flat – flat sales, flat prices, flat inventory, flat DOM [days on market]. The market is characterized by stasis, staring contests, stillness and standoffs.”<br /><br />Notes:<br />Does this incate that we are off bottom? Don’t know…but don’t miss it! Go to<br /><a href=”http://www.fredglick.com/”>http://www.fredglick.com</a>and see what’s out there or call 877-562-5123.