Philadelphia-area Housing Market Poised to Begin Recovery Next Summer, Says NAR Economist

On Monday, the Suburban West REALTORS Association hosted Jed Smith, Managing Director of Quantitative Research for the National Association of REALTORS.

Presenting to the 2009 Association Liaisons, Smith commented on the current status of the Philadelphia-area housing market and made some favorable comparisons of our market to others across the U.S. Smith also commented on the forecast for the local market, saying, "We project that the Philadelphia housing market to begin to show recovery in July/August of 2009 which will mean a significant uptick in sales and values."

Smith added that it was possible that the market could improve sooner but that would mostly depend on an increase in consumer confidence in early 2009.

Courtesy: Suburban West REALTORS Association 12/08