Existing-home sales fall in Philadelphia region

Philadelphia Inquirer, The, June, 2008 by Linda Loyd Inquirer Staff Writer

Sales of existing homes fell in the Philadelphia region in May, but edged up nationally, although median sale prices in most places continued to fall. Nationally, sales of existing homes rose 2 percent to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.

But that was 15.9 percent below the 5.93 million units in May 2007, the National Association of Realtors reported yesterday. Sales in the eight-county Philadelphia region in May were down 26 percent over May a year ago, according to the Prudential Fox & Roach HomExpert Market Report, using data from Trend Multiple Listing Service. The median sale price for homes in the eight-county Philadelphia region declined 2.2 percent to $225,000, compared with a median sale price of...