Parts of the Philadelphia real estate market experienced increases in median sale prices in July, according to The Long & Foster Market Minute reports. The greater Philadelphia real estate market includes Bucks, Chester, Delaware, Montgomery and Philadelphia counties. The Long & Foster Market Minute reports are based on data provided by TREND multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

When compared to last year, the Philadelphia region saw median sale prices vary, with Philadelphia County experiencing a 7 percent increase. In Montgomery County, the median sale price increased by 5 percent, followed by Bucks County with a 2 percent increase. In Delaware and Chester county, the median sale price fell by 1 percent and 2 percent, respectively.

The number of homes sold fell in the Philadelphia region compared to July 2015, with Philadelphia County experiencing a 4 percent decline and Delaware County experiencing a 7 percent decrease. In Montgomery County, the number of homes sold declined by 9 percent, while Chester County experienced an 11 percent decrease. In Bucks County, the number of homes sold fell by 19 percent.

Levels of active inventory decreased throughout the region in July. Philadelphia County experienced a 29 percent decline, while active inventory fell by 24 percent in Bucks County and 21 percent in Montgomery County. In Delaware County, active inventory declined by 19 percent, and in Chester County it dropped by 9 percent.

Homes are continuing to sell at a steady pace, with many selling in two months or less on average. According to July data, the days on market (DOM) average was 50 days in Philadelphia County, 51 days in Chester County and 56 days in Bucks County. The DOM average was 57 days in Montgomery County and Delaware County experienced a DOM average of 58 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in parts of the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by TREND, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TREND or Long & Foster Real Estate.