Philadelphia’s Housing Market Continues Strong Pace

For Immediate Release
Oct. 2, 2017

Contact:  Brian Dries

Philadelphia’s Housing Market Continues Strong Pace
City Controller’s latest economic report includes review of latest home sales

PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated Philadelphia’s monthly home sales were up six percent over last August.

Home sales in the city for August 2017 totaled 1,571 compared to 1,483 reported for the same month last year. Residential sales in South Center City (19146) recorded the most sales with 87. Sales across Lower Northeast neighborhoods (19111,19149 and 19135) ranked in the top 10 areas for most sales in the city with a combined total of 222, or 14 percent of the total sales.

The latest month’s figures were also up 42 percent from August 2013. A breakdown of August home sales over the last five years includes the following:

August 2017 1,571
August 2016 1,483
August 2015 1,254
August 2014 1,131
August 2013 1,104

 Along with reviewing the latest home sales, the economic report also indicated that monthly tax revenues for the City’s General Fund and PICA totaled $239 million, which is a three percent de-crease compared to last August.  While August collections were down slightly, yearly General Fund revenues totaled $441 million, which is a 14 percent increase compared to last year. 

In addition, total yearly revenues are almost $35 million, or 8.5 percent, above the City’s FY2018 Cash Flow Projections for the first two months. The Realty Transfer Tax collections were up 55 percent over what the city anticipated it would collect. The Real Estate, Beverage and Other Tax-es, which include Amusement and Parking, were below the city’s budgeted projections.