Full recovery continued to elude the Philadelphia region’s residential real estate market in the first quarter of this year, as the value of a typical home fell 4.9 percent from the last three months of 2013.
University of Pennsylvania economist Kevin Gillen, who analyzed data from 11 area counties for Berkshire Hathaway Home Services Fox & Roach, said Tuesday that with the latest decline, average house prices in the region are “barely above the post-bubble bottom they hit two years ago.”
While sales of 11,000 houses regionally was 10 percent above the same quarter of 2013, the numbers are 41 percent below what Gillen considers the “normal historic average.”
Suburban price declines were greater than the city’s during the quarter – 5.3 percent versus 4 percent, Gillen said.
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