Philly Housing: Sales Down, Prices Still Absurd

Philadelphia home sales tumbled 25 percent annually in the spring, according to a new report from Wharton economist Kevin Gillen (hat tip: Matrix).

Meanwhile, the median house price there was roughly $109,000 by the end of June. In Manhattan, it was $1,025,000 (for condos and co-ops), according to Miller Samuel; and, in Brooklyn, $525,00.

No wonder so many New Yorkers are splitting for Philly.