BELIEVE IT OR NOT! The Philadelphia metro area blew away the San Francisco Metro housing market in November. Our region saw an increase in home sale prices of 4.6%, while San Francisco sales prices plummeted 34%. New York City prices fell 6.1%
Lower prices, lower interest rates, and less foreclosures helped reduce inventories in most every city. Boston, San Francisco and Seattle showed the steepest decline. Cities with high foreclosure rates major increase in sales. For instance, in October San Diego had a whopping 92% increase!
However, most markets averaged a 100+ days on the market before they sold. It took the longest to sell a home in Miami with an average of 179 days-on-market. San Francisco fared much better with nearly half that rate at an average days-on-market of 92. The average days on the market in Philadelphia County was 73 days.