PHILADELPHIA HOUSE PRICE INDICES

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1 PHILADELPHIA HOUSE PRICE INDICES July 13, 2015 KEVIN C. GILLEN, Ph.D. Disclaimers and Acknowledgments: The Lindy Institute for Urban Innovation at Drexel University provides this report free of charge to the public. The report is produced by Lindy Senior Research Fellow Kevin Gillen, in association with Meyers Research LLC. The author thanks Azavea.com, the Philadelphia Office of Property Assessment, the Federal Housing Finance Agency, Case-Shiller MacroMarkets LLC, RealtyTrac, Zillow.com, Trulia.com and the NAHB for making their data publicly available. 2015, Drexel University, All Rights Reserved.

2 600.0 House Price Indices : 1980Q1=100 Philadelphia County v. Philadelphia MSA and U.S. Average Phila. County* Phila. MSA** U.S. Avg.** Q2 * Empirically estimated by Kevin C. Gillen, Ph.D. **Courtesy of the Federal Housing Finance Agency (FHFA). HPIs are available through 2015Q1 only. MSA =Metropolitan Statistical Area, which is the entire 9-county region.

3 Total House Price Appreciation Rates by Geographic Market Period Philadelphia County* Philadelphia MSA** U.S.A.** 36-Year 144.4% 167.9% 128.9% 10-Year 3.0% 14.9% 7.2% 1-Year 5.4% -0.2% 4.8% 1-Quarter 7.3% -0.6% 1.3% *Empirically estimated by Kevin C. Gillen Ph.D. **Source: U.S. Federal Housing Finance Agency (FHFA). These numbers are through 2015Q1 only. MSA = Metropolitan Statistical Area, which is the entire 10-county region.

4 House Price Appreciation : Philadelphia v. 10-City Composite City Composite* Philadelphia % Change 10-City Philadelphia 1998 to Peak: +173% +136% From Peak: -15% -9% *Source: S&P/Case-Shiller. The 10-City Composite index includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, DC. It does not include Philadelphia.

5 800.0 Philadelphia House Price Indices by Neighborhood: Q1= CtrCity/Fairmount Kensington/Frankford Lower NE Phila. North Phila. NW Phila. South Phila. Univ. City Upper NE Phila. West Phila Q2 * All indices empirically estimated by Kevin C. Gillen, Ph.D.

6 Philadelphia House Price Appreciation Rates by Neighborhood Period Center City/ Fairmount Kensington /Frankford Lower NE Phila. North Phila. NW Phila. South Phila. Univ. City Upper NE Phila. West Phila. 36-year 166.0% 152.8% 131.3% 160.8% 169.1% 195.0% 195.7% 165.6% 169.1% 10-year 8.2% 10.9% -1.8% 22.4% 0.8% 37.8% 10.7% 7.5% 37.3% 1-Year 3.7% 9.3% 6.3% 13.5% 1.8% 8.0% 20.8% 5.7% 24.8% 1-Quarter 3.3% 2.5% 5.8% 10.1% 4.9% 4.7% 10.9% 3.9% 10.8% This table gives the total % change in house prices by neighborhood, through 2015 Q2, from different starting points in time.

7 Philadelphia Submarket Boundaries

8 Median Philadelphia House Price v. Indexed Philadelphia House Price $140,000 $120,000 Median Price $100,000 Indexed Price* $80,000 $60,000 $40,000 $20,000 $0 Q2 * Empirically estimated by Kevin C. Gillen, PhD

9 $45,000 Average House Price Minus Median House Price: $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0

10 Number of Philadelphia House Sales* per Quarter: ,000 7,000 6,000 Q1 Q2 Q3 Q4 5,000 4,000 Qtly. Average 3,000 2,000 1, *Only arms-length transactions between private sector entities were included in these numbers.

11 Number of Philadelphia Home Sales* per Quarter with Price>=$1 Million: Q1 25 Q2 20 Q3 Q Qtly. Average *Only arms-length transactions between private sector entities were included in these numbers.

12 Philadelphia House Sales in 2015 Q2

13 Center City House Sales in 2015 Q2

14 South Philadelphia House Sales in 2015 Q2

15 Kensington/Frankford House Sales in 2015 Q2

16 West Philadelphia House Sales in 2015 Q2

17 North Philadelphia House Sales in 2015 Q2

18 Northwest Philadelphia House Sales in 2015 Q2

19 Northeast Philadelphia House Sales in 2015 Q2

20 2015 Q2 House Price Rate of Change by Neighborhood Upper NE Phila: +3.9% NW Phila: +4.9% North Phila: +10.1% Univ. City: +10.9% Lower NE Phila: +5.8% West Phila: +10.8% Kensington/Frankford: +2.5% Center City/Fairmount: +3.3% South Phila: +4.7% Note: Each neighborhood is extruded by its average change in house values during 2015 Q2 in order to reflect its growth (or depreciation) rate relative to other neighborhoods.

21 +$1 Million Dollar House Sales in 2015 Q2 Price Price/SqFt Address $1,125,000 $ SPRUCE ST $1,150,000 $ S 21ST ST $1,179,000 $ SPRUCE ST $1,238,000 $ CORNELIA PL $1,248,750 $ S 09TH ST $1,275,000 $ GASKILL ST $1,400,000 $ GLENGARRY RD $1,500,000 $ S UBER ST $1,595,000 $ PINE ST $1,675,000 $ SPRUCE ST $1,850,000 $ PANAMA ST $1,860,000 $ SPRUCE ST $2,200,000 $ LOCUST ST $3,400,000 $ SPRUCE ST $3,400,000 $ DELANCEY PL $4,950,000 $ RITTENHOUS SQ

22 HPI: 1980Q1= Philadelphia HPI Diffusion Index Philadelphia House Price Diffusion Index 200% 150% % % % % The diffusion index measures how varied the direction of house price changes are across Philadelphia neighborhoods. It is computed as the percent difference between the number of neighborhoods in which prices rose in a given quarter, and the number of neighborhoods in which prices fell. A value of -100% indicates that prices fell in all neighborhoods in a given quarter, while a value of +100% indicates that prices rose in all neighborhoods. A value of 0% indicates that house price changes were evenly split between increases and decreases, across neighborhoods. Diffusion indexes are commonly used in financial economics as a leading indicator of turning points in a market's direction. -100% -150% -200%

23 HPI: 1980Q1=100 Philadelphia House Prices: Declines v. House Price Index % Pct. Declining Philadelphia HPI 90% This chart compares the Philadelphia House Price Index (in red) to the percent of Philadelphia neighborhoods that experienced house price declines (in blue), in each quarter from % 70% 60% 50% % Declining % % % % 0.0 0%

24 % 5.00% Dispersion Index of Philadelphia Housing The Dispersion Index measures how varied house price changes are across the city's neighborhoods. It is computed as the standard deviation of quarterly house prices changes across submarkets. High values of the index imply large variation in house price changes between different neighborhods, while low values imply that house price changes are relatively the same across the city. 4.00% 3.00% 2.00% 1.00% 0.00%

25 Philadelphia Housing Affordability* Index: *Affordability is measured as the ratio of the median Philadelphia house price to the median Philadelphia household income. High values of the index mean that housing has become less affordable to the average Philadelphian. Contact for details.

26 15.0 Average House Price-to-Rent Ratios*: Philadelphia v. U.S U.S. Philadelphia *Computed by taking the ratio of average house price to the average annual rent of a comparable housing unit. The P/R ratio is to real estate what the P/E ratio is to other assets. Contact Kevin.C.Gillen@Drexel.edu for further details.

27 200.0 Inflation-Adjusted* Philadelphia House Price Index Q1= Linear Trendline *The empirically estimated house price index is deflated by the rate of inflation over time, using the national Consumer Price Index as the proxy for the national rate of inflation. This procedure converts the house price index from "nominal" to "real" terms, and thus shows house price changes net of general inflation. Source: US Bureau of Labor Statistics

28 # Homes Listed "For Sale" 14,000 Philadelphia Houses Listed For Sale: Inventory v. Absorption Rate # Houses Listed For Sale % Absorbed 30% 12,000 10,000 8,000 6,000 4,000 2,000 25% 20% 15% 10% 5% %Absorbed = (#Sales/#Listings) 0 0% %Absorbed is defined as the percent of homes listed for sale in a given month that also sold in that same month. Source: Trend MLS

29 # of Days 100 Average Days-on-Market* for Philadelphia Homes *Days-on-Market (DOM) is the average number of days it takes for a listed house to sell. 30 Source: Trend MLS

30 Index of Homebuilder Sentiment: (Seasonally Adjusted) 80 National Northeast The Index represents the current sentiment of U.S. homebuilders. The index is computed via a regular monthly survey of homebuilders. An index value above 50 indicates that more builder are optimistic than pessimistic, while an index value below 50 indicates that more builders are pessimistic than optimistic. 0 Source: National Assoc. of Homebuilders (NAHB)/Wells Fargo

31 Philadelphia Stock Exchange Housing Sector Index: $300 $250 $200 $150 $100 $50 The PHLX Housing Sector Index is a modified capweighted index composed of 20 companies whose primary lines of business are directly associated with the U.S. housing construction market. The index composition encompasses residential builders, suppliers of aggregate, lumber and other construction materials, manufactured housing and mortgage insurers. Note: the index underwent a significant rebalancing in January of $0 Source: finance.yahoo.com

32 100% 90% %Market Share of Philadelphia Home Sales by Price Category: >$250,000 80% 70% 60% $90,000-$250,000 50% 40% 30% 20% <=$90,000 10% 0% <=$90k $90k-$250k >$250k

33 *** # of Units 4,500 Building Permits Issued for Construction of Residential Units: Single-Family v. Multifamily 4,000 3,500 Single-Family* Multifamily** 3,000 2,500 2,000 1,500 1, *Structures with 1-4 dwelling units **Structures with >=5 dwelling units ***Note: 2015 Numbers are extrapolated from YTD numbers.

34 Philadelphia House Price Index and 1-Year Forecast Philadelphia House Price Index: Actual v. Forecast Phila. County HPI Forecast HPI Zillow.com is currently forecasting Philadelphia house prices to rise an average of 2.3% over the next year, which is unchanged from its previous forecast from one quarter ago, but remains an upgrade of its 2014 Q4 forecast of 0.5%. Source:

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