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July 20, 2017

Drexel: The number of Philly houses for sale has reached a new low

Housing Real Estate
Keith Haring Mural Point Breeze Matt Rourke /AP

A postal worker walks past a 1987 mural titled "We The Youth" by artist Keith Haring Wednesday, Oct. 30, 2013, in the Point Breeze neighborhood of Philadelphia.

In a new report from Drexel University’s Lindy Institute for Urban Innovation, stats about Philadelphia’s housing market appear to support earlier recent reports that it’s accelerating at an unsustainable pace.

Most notably, the number of houses on the market in Philadelphia has reached an all-time low, with just 3,883 houses currently listed “for sale” in the city.

What’s more, the median house price in Philly increased almost 15 percent in just the last three months, hitting $158,000. The average house price grew 13.2 percent to $198,150 in that same time period.

Historically, the report says, Philadelphia’s quarterly appreciation rate is 1.1 percent, but in the last quarter, it rose to 3.2 percent.

The neighborhood with the highest rate of price increase was South Philadelphia, where the average change in house prices increased 7.4 percent. Most of those sales occurred in Point Breeze, which accounted for 20 percent of home sales in May alone, Curbed reported.

Check out Drexel’s quarterly housing reports here.