The entire Philadelphia real estate market experienced an increase in the number of homes sold 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The number of homes sold increased throughout the Philadelphia regioncompared to July 2014, with Bucks County experiencing a 29 percent jump and Delaware County seeing a 17 percent increase. The number of homes sold in Montgomery County rose by 15 percent, followed by 14 percent in Chester County. Philadelphia County experienced a 13 percent increase.

When compared to last year, the region saw median sale prices vary. Philadelphia County experienced a 6 percent increase, followed by Delaware County with a 5 percent increase. In Chester County, median sale price rose by 3 percent, while it dropped by 2 percent and 4 percent in Montgomery and Bucks counties, respectively.

Levels of active inventory decreased in the region in July. Philadelphia County experienced an 18 percent decline, while Delaware County saw a 6 percent drop. Bucks County experienced a 5 percent decrease in active inventory compared to last year. Chester County experienced a 3 percent decrease and Montgomery County saw a 3 percent drop compared to last year.

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 52 days in Chester County and 57 days in Montgomery County. Homes in Bucks and Delaware counties sold in about 59 days on average. Philadelphia County experienced a DOM average of 61 days.

“The United States’ economy has been having a good summer, and the positivity we’ve been seeing in previous months continued in July. The real estate industry also reflected these trends, which was evident in the number of homes sold in the Philadelphia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We feel confident that we’ll continue to see improvements in the market, and look forward to what the end of summer and start of fall will bring.”

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.