Philadelphia Real Estate on the Rise…
That’s right, the national media is finally picking up on on what us locals have known for quite some time. The Philadelphia Real Estate market doesn’t experience the highs or lows seen in other large metropolitan markets and now the National Association of Home Builders/First American Improving Markets Index added Philadelphia to their list of improving housing markets. This particular index includes those metro areas where housing permits, employment and house prices have posted six consecutive months of growth from their previous low point. Philadelphia’s inclusion on this list is yet another sign that Philadelphia has not only bottomed but is well into the recovery phase.
“While relatively small metropolitan areas continue to dominate the list of improving housing markets, it’s important to note that several major metros in diverse parts of the country have now joined the field as well – including such metros as Dallas, Denver, Honolulu, Indianapolis, Nashville and Philadelphia,” NAHB Chief Economist David Crowe said in a news release. “This is an encouraging sign that gradually strengthening economic conditions are starting to take hold across a broader swath of America.”
Don’t let all of the negative news in the media fool you, real estate has always been and will always be largely determined by LOCAL (not national) conditions. Luckily for buyers and sellers of Philadelphia Real Estate, the City of Brotherly love is doing just fine.
By Michael Angelina
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Philadelphia, PA 19106