The majority of the Philadelphia real estate market experienced an increase in the number of homes sold in August, 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.

The number of homes sold increased in many areas of the Philadelphia region compared to August 2014, with Montgomery County experiencing a 12 percent jump and Chester County seeing a 6 percent increase. The number of homes sold in Philadelphia County rose by 5 percent, followed by 4 percent in Bucks County. Delaware County experienced a 2 percent decrease.

When compared to last year, the region saw median sale prices vary. Philadelphia County experienced an 11 percent increase, followed by Bucks County with a 2 percent increase. In Montgomery County, median sale price fell by 2 percent, while it dropped by 6 percent and 7 percent in Chester and Delaware counties, respectively.

Levels of active inventory decreased in the entire region in August. Philadelphia County experienced a 19 percent decline, while both Bucks and Montgomery counties experienced a 7 percent decrease. Additionally, both Chester and Delaware counties saw decreases of 6 percent compared to last year.

Homes are continuing to sell at a steady pace, with many selling in a little over two months or less on average. According to August data, the days on market (DOM) average was 54 days in Montgomery County and 58 days in Chester County. Homes in Bucks, Delaware and Philadelphia counties sold in about 62 days on average.

“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Philadelphia region continued to see improvements in the number of home that were sold in many areas, and we’re looking forward to a strong fall market.”

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, Inc.