For Immediate Release
July 5, 2017
Contact: Brian Dries
Spring Marks Strong Home-Buying Season in City
City Controller’s latest economic report examines latest homes sales
PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly economic report that indicated Philadelphia’s home sales recorded a 16 percent increase in May over last year.
Monthly home sales in the city totaled 1,641 compared to 1,416 recorded last May. The month is typically strong for home sales due the spring home-buying season. The latest total was also 28 percent higher than sales from May 2013, signaling continued strength for Philadelphia’s real estate market.
Home sales in neighborhoods across South Philadelphia consistently have had the highest sales. Total sales in zip code 19145, 19146, 19147 and 19148 accounted for almost 20 percent of all home sales sold in May 2017.
Home sales in Roxborough, Fairmount and neighborhoods across the Lower Northeast also were among the top ten zip codes with the highest monthly sales.
The increase in sales also provided a boost for the City’s General Fund as monthly Realty Transfer Taxes were up $6.6 million, or 38 percent, over last May. This tax is applied to the sale or transfer of real estate located in Philadelphia, signaling the strength of the city’s real estate market.
Yearly Realty Transfer Tax collections through May were up $4.6 million, or two percent, over last year.
The economic report also indicated that monthly tax revenues for the City’s General Fund and PICA totaled $286 million, marking a 13 percent decrease compared to last May. Yearly General Fund tax revenues totaled more than $2.9 billion, an increase of almost $132.5 million, or almost five percent, over last year.
Total General Fund tax revenues are $10 million, or less than one percent, above the City’s FY2017 initial Cash Flow Projections as reported in the annual budget.