Philadelphia Ranks 10th for Fastest Rising Prices Among Major Cities As Inflation Remains High Nationwide

Philadelphia ranked 10th for fastest rising prices, 0.2% above national city average
Top 3 cities were Phoenix, Tampa, and Miami with inflation much higher than national average
Inflation remains high due to tight labor market, gas/energy costs, supply chain issues
Areas like Florida and Phoenix with growing populations have highest inflation
Some areas like Urban Alaska are meeting Fed inflation target

pennlive.com

Relevant topic timeline:

8/22/2023

Four North Carolina cities are among the nation’s best real estate markets

The real estate markets in North Carolina are performing well, with four cities ranking among the top 25 in terms of prices, sales rates, and affordability, according to a report by WalletHub. Cary, Durham, Raleigh, and Charlotte were the top-performing cities in the state, while the Piedmont Triad region was not as strong. The report also highlighted Texas cities dominating the top of the list and mentioned that the Federal Reserve's efforts to control inflation have impacted the real estate market.

9/14/2023

Miami Inflation Soars to 7.8%, Far Outpacing National Rate as Housing and Energy Costs Surge

Miami and South Florida have experienced the highest increase in consumer prices among large U.S. urban areas, driven largely by the housing market, with home rents increasing by 15.3% and the cost of buying a home rising by 14.3%.

10/3/2023

Miami Leads Major U.S. Cities in Inflation at 7.8%, Driven by Housing Costs

Inflation is impacting Americans across the country, with the Miami-Fort Lauderdale-West Palm Beach metro area experiencing the highest increase in consumer prices at 7.8%, followed by Denver, Atlanta, Seattle, and Detroit, according to WalletHub. Housing prices are a major driver of high inflation in cities like Miami, and while experts anticipate a gradual cool-down of prices, patience is needed.

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Posted 9/29/2023, 4:16:00 PM