Home sales down in Philadelphia area, up for U.S.

In the eight-county Philadelphia area, sales declined 22.6 percent in July from July 2007. The average price dropped 2.5 percent, to $234,000 from $240,000, according to Prudential Fox & Roach HomExpert Report, based on Trend Multiple Listing Service data. Nationally, median prices tumbled 7.1 percent from July 2007, to $212,400 from $228,600, the National Association of Realtors said yesterday. Month-to-month sales in the Philadelphia metropolitan area were 9 percent lower. By contrast, sales nationally rose 3.1 percent in July from June. "While the bounce in July existing sales is a welcome improvement, the housing market still suffers from high inventories