April 19, 2017
Philadelphia-area officials are encouraged by the latest housing report that shows local home prices are recovering from the subprime mortgage crisis and subsequent recession.
On Wednesday, the Montgomery County Planning Commission published the report showing a surge in the average sales price for homes in 2016. The average cost of a home was $278,500, a 2.9 percent increase from the previous year.
“This is a strong indicator that our economy in Montgomery County is growing and that the county is continuing to attract new residents each year,” said Dr. Valerie Arkoosh, chair of the county's Board of Commissioners. “This new report also indicates that Montgomery County continues to sustain a wonderful quality of life that makes it a desirable place to live, work, and play.”
County officials argue that the bump signals the housing market has stabilized since prices plunged in 2007 due to a significant economic collapse. Figures show that 11,441 homes were sold in Montgomery County, the most since 2007.
Montgomery County housing prices in 2016.
Factoring out new houses, the average price for an existing home grew 3.1 percent. The increase was apparent across most types of housing. Single-detached homes jumped 4.8 percent and single-attached homes rose 0.7 percent.
The housing prices rise has also been recorded in Philly. In May, the city reached a new high in home value. The previous high was set in 2007 before the housing bubble burst.
