National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007

Northeast: median home price was $248,800, down 4.7 percent from the fourth quarter of 2007

The Greater Philadelphia Region fared better than the national market and slightly below the Northeast with prices falling 6.8 percent. Other local real estate data, listed below, was released by Prudential Fox & Roach, HomExpert Market Report® and compares how the local market has impacted your audience.

National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007

· Northeast: median home price was $248,800, down 4.7 percent from the fourth quarter of 2007

Index shows increase comparing November 2008 to December 2008

DEVON, PA - February 3, 2009 - The Greater Philadelphia region* saw an 8.6 percent increase in December real estate activity moving to an index of 73.2 from the November index of 67.4, according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. December's increase in the region's activity follows a 21 percent increase in the November index, but is 18.3 percent lower than December 2007 when the index stood at 89.7.

Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fared better than both the Northeast and the National indices. The NAR index showed a 1.7 percent decrease in pending sales in the Northeast and a 6.3 percent increase across the nation. In November, the NAR index indicated a 7.2 percent decrease in pending sales in the Northeast and a four percent decrease nationwide.

Based on the forward-looking indicator, real estate activity in the five-county Southeastern Pennsylvania area increased 7.9 percent from an upwardly revised index of 72.1 in November to 77.9 in December. The October index stood at 57.8. Delaware County saw the largest increase in Southeastern Pennsylvania real estate activity, rising 12.9 percent to an index of 75.5. The increase follows a 23.5 percent increase in the November index. Philadelphia County saw a 9.1 percent increase in December activity, rising to an index of 102.4 - the highest index since February 2008 when it stood at 104.6. Bucks County was the only county in Southeastern Pennsylvania to see a decrease, falling 1.8 percent to an index of 65.9.

Following a 12.2 percent increase in November, Center City pending home sales rose 14.6 percent in December to an index of 89.1. Meanwhile, the Main Line area saw a 4.8 percent decrease, falling from an index of 82.7 in November to 78.7 in December.

Southern New Jersey pending home sales increased 15.5 percent in December. The index rose to 67, from the upwardly revised November index of 58. The October index stood at 47.9. Burlington County saw the highest increase in the 12-county region, rising 19.8 percent to an index of 67.5 in December. This is the highest index recorded in Burlington County since the January 2008 index, which stood at 71.4. Mercer County followed closely with an 18.8 percent increase to an index of 61.5 in December. Following a 5.2 percent decrease in the November index, Salem County fell 16.3 percent in December falling from 73.7 in November to an index of 61.7 in December.

Delaware real estate activity fell 2.5 percent in December moving from an upwardly revised index of 67.5 in November to an index of 65.8 in December. Following a 14.1 percent decrease in November, Kent County saw a 29.9 percent decrease in pending home sales. The index fell to 55.4 from an index of 79 in November. New Castle County activity increased 7.1 percent to an index of 68.7 in December.

"Winter months are normally slow for the real estate market. However the November adjustment following the October financial meltdown rolled into December as well," said Steve Storti, senior vice president, marketing for Prudential Fox & Roach, REALTORS. "While there's still uncertainty in the national market, future government actions including a significant housing stimulus would help improve our market."

While the December pending homes sales index for the Greater Philadelphia region increased 8.6 percent, it is 18.3 percent below the December 2007 index, moving from an index of 89.7 in 2007 to 76.2 in 2008. The Southeastern Pennsylvania index is 20.1 percent below a year ago, Southern New Jersey is down 11.4 percent and the Delaware area fell 23.6 percent below last year's December index.

The index, based on contracts signed in December, monitors real estate market activity by tracking pending sales of homes reported to the TREND® Multiple Listing Service, the region's primary real estate reporting tool for 32,000 real estate professionals. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. An index of 100 is equal to the average level of contract activity during 2002. The Prudential Fox & Roach, REALTORS' HomExpert Pending Home Sales Index is modeled after the national index created by the National Association of Realtors®, which is available at www.realtor.org.

The following is the December 2008 HomExpert Pending Home Sales Index for the Greater Philadelphia region:

Center City Housing Prices Increased 2.1 Percent in 2008;
16.9 Percent Decrease in the Number of Residential Homes Sold

The Fairmount/Art Museum area posted the largest percent increase

in median sale price in Center City, rising 7.6 percent

DEVON, PA – Center City median home prices increased 2.1 percent to $357,295 in 2008, according to Prudential Fox & Roach, REALTORS’^® HomExpert Market Report^©. The median sale price in 2007 was $350,000.

In 2008, Center City saw 1,235 homes sold, a 16.9 percent decrease, compared to 1,487 homes sold in 2007. The average number of days a home remained on the market increased from 92 days in 2007 to 96 days in 2008. Additionally, monthly average inventory for 2008 was 1,694 homes for sale compared to 1,891 in 2007.

The Fairmount/Art Museum area (zip code 19130) posted the largest percent increase in median sale price in Center City, increasing 7.6 percent in 2008 to $331,500, followed by the Center City area (19102) at 5.2 percent to $352,500, Washington Square (19107) at one percent to $359,900, while Rittenhouse Square (19103) decreased 0.3 percent at $438,700, Northern Liberties/Fishtown (19123) decreased 6.3 percent to $309,000 and Old City (19106) fell 13.6 percent to $350,000.

Rittenhouse Square (19103) posted the highest median sale price at $438,700, followed by Washington Square (19107) at $359,900, the Center City area (19102) at $352,500, Old City/Society Hill (19106) at $350,000, the Fairmount/Art Museum area (zip code 19130) at $331,500 and Northern Liberties/Fishtown (19123) at $309,000.

The Fairmount/Art Museum area posted the highest number of homes sold in 2008 at 376, a 23.1 percent decrease, followed by Rittenhouse Square (19103) (306, 3.4 percent), Old City/Society Hill (19106) (223, -5.9 percent), Washington Square (19107) (139, -33.2 percent) and Northern Liberties/Fishtown (19123) (131, -35.5 percent

*Editor’s Note: Additional charts and graphs available upon request. Top municipalities listed include 30 or more sales in 2008. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract

Municipalities in Center City

by 2008 Median Sale Price

Greater Philadelphia Housing Prices Decreased 2.6 Percent in 2008;

23.9 Percent Decrease in the Number of Residential Homes Sold

Philadelphia County in Pennsylvania posted the only percent increase in median sale price

in the tri-state region, rising 0.8 percent

DEVON, PA – Greater Philadelphia region* median home prices decreased 2.6 percent to $223,000 in 2008, according to Prudential Fox & Roach, REALTORS’^® HomExpert Market Report^©. The median sale price in 2007 was $229,000. The region’s median sale price decreased 0.8 percent compared to 2006 when the median sale price stood at $224,900.

In 2008, the region saw 57,877 homes sold, a 23.9 percent decrease, compared to 76,084 homes sold in 2007. The region decreased 32.2 percent compared to 2006 when 85,302 homes sold. The average number of days a home remained on the market increased from 65 days in 2007 to 77 days in 2008. In 2006, homes remained on the market for an average of 54 days. Additionally, monthly average inventory for 2008 was 60,530 compared to 60,166 in 2007 and 54,009 in 2006.

Philadelphia County was the only county in the region to increase in median sale price, rising 0.9 percent in 2008 to $141,237. Salem County fell 1.2 percent to $169,950, Chester County
-1.9 percent to $304,250, New Castle County -2.1 percent to $228,000, and Mercer County
-2.5 percent to $268,000.

Chester County posted the highest median sale price at $304,250, followed by Bucks County at $282,500, Mercer County at $268,000, Montgomery County at $263,000 and New Castle County at $228,000.

Philadelphia County posted the highest number of homes sold in 2008 with 13,159, a 22.9 percent decrease compared to 2007, followed by Montgomery County (8,047, -20.7 percent), Bucks County (5,495, -20.7 percent), Delaware County (5,309, -28.7 percent) and New Castle County (4,984, -28.9 percent).

Center City

· Center City median home prices increased 2.1 percent to $357,295 in 2008, compared to the median sale price in 2007 which stood at $350,000.

· In 2008, Center City saw 1,235 homes sold, a 16.9 percent decrease, compared to 1,487 homes sold in 2007. The average number of days a home remained on the market increased from 92 days in 2007 to 96 days in 2008.

Top Five Municipalities in Philadelphia County

by 2008 Median Sale Price

Reid J Rosenthal

THE ROSENTHAL GROUP

WASHINGTON, January 26, 2009

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors^®.

Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 6.5 percent to a seasonally adjusted annual rate¹ of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.

For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007. This is the lowest volume since 1997 when there were 4,371,000 sales.

Lawrence Yun, NAR chief economist, said home prices continue to fall significantly. "It appears some buyers are taking advantage of much lower home prices," he said. "The higher monthly sales gain and falling inventory are steps in the right direction, but the market is still far from normal balanced conditions. Buyers will continue to have an edge over sellers for the foreseeable future."

Total housing inventory at the end of December fell 11.7 percent to 3.68 million existing homes available for sale, which represents a 9.3-month supply² at the current sales pace, down from a 11.2-month supply in November.

Yun said the market is underperforming and hurting the broader economy. "We've added 25 million people to our population over the past decade and housing affordability conditions are the best we've seen since 1973, but household formation is much lower than expected," he said. "Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery."

The national median existing-home price³ for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it's an excellent time for first-time home buyers with good jobs. "The typical buyer plans to stay in their home for 10 years, which is the correct approach in today's market," he said. "With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who've been on the fence should take a closer look at today's market."

McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent.

Single-family home sales rose 7.0 percent to a seasonally adjusted annual rate of 4.26 million in December from a level of 3.98 million in November, but are 1.4 percent below a 4.32 million-unit pace in December 2007. For all of 2008, single-family sales fell 11.9 percent to 4,349,000.

The median existing single-family home price was $174,700 in December, down 14.8 percent from a year ago. For all of 2008, the single-family median was $197,100, which is 9.5 percent below 2007.

Existing condominium and co-op sales increased 2.1 percent to a seasonally adjusted annual rate of 480,000 units in December from 470,000 in November, but are 18.4 percent below the 588,000-unit level a year ago. For all of 2008, condo sales dropped 21.0 percent to 563,000 units.

The median existing condo price⁴ was $181,400 in December, down 18.3 percent from December 2007. For all of 2008, the median condo price was $210,000, which is 7.2 percent below 2007.

Regionally, existing-home sales in the Northeast slipped 1.4 percent to an annual pace of 720,000 in December, and are 14.3 percent below December 2007. The median price in the Northeast was $235,000, which is 7.8 percent lower than a year ago.

Existing-home sales in the Midwest increased 4.0 percent in December to a level of 1.04 million but are 10.3 percent below a year ago. The median price in the Midwest was $140,800, down 11.4 percent from December 2007.

In the South, existing-home sales rose 7.4 percent to an annual pace of 1.74 million in December, but are 11.2 percent lower than December 2007. The median price in the South was $158,600, which is down 8.0 percent from a year ago.

Existing-home sales in the West jumped 13.6 percent to an annual rate of 1.25 million in December and are 31.6 percent higher than a year ago. The median price in the West was $213,100, down 31.5 percent from December 2007.

# # #

¹The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample - more than 40 percent of multiple listing service data each month - and typically are not subject to large prior-month revisions.

²Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases.

³The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

⁴Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for January - including monthly revisions to sales rates for the past three years - will be released February 25. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings. Revisions will made to monthly seasonally adjusted annual sales rates for 2006 through 2008, as well as the inventory month's supply data. There will be no revisions to raw inventory or home prices aside from the normal prior month revisions.

The next Pending Home Sales Index & Forecast is scheduled for release February 3; release times are 10 a.m. EST. For more information, please visit: ww.realtor.org/research/research/ehsdata