Here a list of common questions we receive about the HomExpert Report. If you don’t see an answer to your question, please email us at
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How is the median sale price calculated?
The median sale price is the middle point between the lowest and highest price of all homes sold in a selected area, county or region.
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Why do you report the median and not the mean sale price?
The mean, or the average, sale price is equal to the total sales of all homes sold, divided by the number of homes sold. The HomExpert Market Report researchers use the median sale price because it’s a more accurate reading of the market. Extremely high priced homes or low priced homes could skew the average of a select area, which could give an inaccurate real estate measurement.
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What are existing-home sales?
Existing-home sales data is the major measurement tool used to gauge the current residential real estate market and to compare year-over-year trends. The indicator measures the number of homes sold for a select time period, which are completed transactions between buyers and sellers. The HomExpert Market Report includes condos, townhomes, co-ops and single-family homes.
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What is the difference between the monthly average inventory and months’ supply of inventory?
The monthly average inventory is the average number of homes for sale in a specific real estate market during a select month. The months’ supply of inventory is the total number of months it would take to sell all the homes for sale during a select time period. For example, if the months’ supply of inventory for Bucks County is 8.8 and the inventory is 5,231, it would take approximately nearly nine months to sell all 5,231 homes currently on the market.
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What is the pending home sales index?
The pending home sales index, based on contracts signed in a select month, monitors real estate market activity by tracking pending sales of homes reported. A sale is listed as 'pending' when a contract has been signed but the transaction has not closed. Sales are typically finalized within one or two months of signing. The pending home sales index was designed to mimic the report produced by the National Association of Realtors (www.realtor.org), a leading industry voice in the real estate industry.
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What is the seasonality factor in the pending home sales index?
The HomExpert Market Report researchers use the seasonality factors calculated by the National Association of Realtors. The seasonality factor is calculated into the pending sales index to observe the month-to-month buying-habit variances, which otherwise would distort the overall real estate picture. The annual rate for a particular month represents what the total number of sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. For example, home sales in the winter months are generally much slower than sales in the summer months, primarily because of differences in weather and families working around school calendars. These disparities tell us little about actual trends in the housing market because they are mostly a result of seasonal variances. Therefore, we need to remove seasonal variances and create an annualized rate to gain a greater perspective on how the resale market is performing.
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What counties does the HomExpert Market Report cover?
The HomExpert Market Report monitors the 12-county Greater Philadelphia Region including southeastern Pennsylvania, southern New Jersey, Northern Delaware. Outside Greater Philadelphia, the HomExpert Market Report monitors the Lehigh Valley area with Prudential Fox & Roach partner Prudential Patt, White Real Estate. A complete list of counties is listed below.
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How often are HomExpert Market Reports released?
The HomExpert Market Report research team produces quarterly, monthly and customized reports upon special request. Reports are released no later than fifteen days after the month’s end. For example, April data would be released on May 15. Note: Monthly reports only include data for each county and region. Quarterly reports include municipality data for each county.
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