Philadelphia’s Third Quarter Results in Ambivalent Housing Market Report
Metrostudy published their third quarter housing report for the Philadelphia MSA (that is, Metropolitan Statistical area, which includes the four counties, plus three counties in New Jersey and three in Delaware) a few days ago. Their findings show that the region is…well, we’ll let one of their regional director’s explain:
“The Philadelphia Region has seen the pace of starts, closings, and lot being delivered slow down to close out the third quarter of 2014,” said Quita Syhapanya, Regional Director of Metrostudy’s Northeast Region. “Months of supply for both vacant developed lots and housing inventory remain in equilibrium range. Metrostudy’s housing indicators are a mixed bag for the third quarter, but overall the market is stable. It’s not great, but it’s not bad either.”
Not great…but not bad either? Hmm…
No, but really. Metrostudy’s survey says that compared to the second quarter, the Philly MSA has had a 60% increase in closings and a 15% increase in starts. Additionally, South Jersey lowered our numbers last quarter, but increased its closing for the 3Q by 183%. Good job, NJ!
All in all, the reports states that all the new constructions that have been occurring are really just “moving along with the ebbs and flows of the market” and are in a middle ground.
You can read the full report here:
Housing Indicators a Mixed Bag for 3Q14; It’s Not Great but it’s not bad either [MetroStudy Report]