Area Housing Price Increases Are Strong

April 22, 2004

For release: For immediate release
Contact: Kathy Woodbury, 215-574-4119

The Philadelphia Federal Reserve today released its quarterly Regional Highlights. The first-quarter edition discusses housing price increases in specific locales and projects an increase in employment and declines in unemployment in the region this year.

Senior Economic Analyst Tim Schiller gives a summary:

"House prices surged in the fourth quarter of 2003 across the nation, and the increases in New Jersey and Delaware were stronger than the national average. Resort areas, such as the Atlantic-Cape May and Monmouth-Ocean areas in New Jersey, saw very large increases. With respect to broader economic conditions, employment has not begun to grow robustly, but companies are showing more interest in boosting hiring this spring and through the rest of the year."

Regional Highlights, published quarterly, analyzes recent economic activity in the Third Federal Reserve District. Topics include employment, retail spending, manufacturing, and housing activity by state.

For an interview with Tim Schiller, call Kathy Woodbury, assistant media advisor, at 215-574-4119.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 5 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.

Area Housing Price Increases Are Strong

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