Area Home Market Slow, But Not Scary

Sales so far are down over '07. But it's too early, experts say, for data to show a trend.

 By Al Heavens

Inquirer Real Estate Columnist

Sales in the Philadelphia region of both new and existing homes were significantly slower in January and February than they were at the start of last year, continuing a trend that began in mid-2006.

In the seven suburban counties, combined net new-home sales were almost 38 percent lower than in the same months in 2007, according to data collected by Hanley Wood Market Intelligence, which tracks sales nationally. (There are no comparable new-home data for the city because Hanley Wood has been tracking Philadelphia sales for less than a year.) More...