Area Homes Sold Faster in July

Data of home sales in the Greater Philadelphia Area suggests that people are buying houses faster in 2012 than they were in 2011.

Houses in the Greater Philadelphia area spent roughly 15 percent less time on the market in July 2012 than this did at the same time in 2011, according to the Prudential Fox & Roach HomExpert report for July.

Houses spent an average of 70 days on the market this summer, down 13 days from 2011’s 83.

While the current year’s numbers are an improvement over last year’s, the overall time houses spend on the open market is still up over 27 percent compared to 2010, when the average time on the market for a house was 55 days.

The decrease in time spent on the market could be connected to home prices. The median price for a home in the Greater Philadelphia area in July 2011 was $429,000. In 2012, the median price for a home is $425,000.

Excluding Northwest Philadelphia, nearly 300 houses were sold in the Greater Philadelphia area in the month of July.