Dropping median price in Philly might make now a great time to find a home bargain
The most recent report from the S&P/Case-Shiller index shows that home prices have experienced their first year-over-year rise since September 2010. This bodes well for the country's housing market, as it shows that confidence is rising and new buyers are entering the market. However, it also means that prices are likely to rise in the near future, so now may be a good time to buy one of the homes for sale in Philadelphia, PA.
In fact, a recent uptick in inventory of homes in the City of Brotherly Love has helped lower the city's homes' median prices, according to the Department of Numbers. Perhaps spurred on by a more active buying market, the number of home listings in the metro has risen by 6.5 percent since August. In a development that may well be related, the median asking price has dropped 8.3 percent in that time frame to $164,900, the source reports.
That information, combined with the upticks in the Case-Shiller index, could make now a great time to attempt to find your dream house in the Philadelphia area.