Philadelphia housing prices see largest recovery since 2007

    Philadelphia housing prices are seeing their strongest recovery since the housing bubble burst, according to an analysis by Econsult.

    Kevin Gillen, a research fellow at the University of Pennsylvania and Econsult vice president, reported that the 7.6 percent increase last quarter represented the largest quarterly gain in the city since the bubble burst in mid-2007.

    Housing prices fell about 22 percent from their pre-bubble peak. With the latest recovery, prices have regained nearly a third of the value lost.

    The complete housing report shows the following neighborhood-by-neighborhood performance: University City (-0.1 percent), Northwest Philadelphia (0 percent), Upper Northeast Philadelphia (+1.6 percent), Lower Northeast Philadelphia (+5.7 percent), Center City/Fairmount (+6.5 percent), Kensington/Frankford (+12.1 percent), South Philadelphia (+12.4 percent), North Philadelphia (+14.6 percent) and West Philadelphia (+14.7 percent).

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    Additionally, Econsult reportered that 20 homes had sold for more than $1 million, up for seven in the previous quarter.

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