How is the Philly home market really doing?

I have heard a lot of real estate market doom and gloom recently and you have to wonder how much of it is hype and how much is really true.  In April the big news story was how hot the real estate market was.  The news coverage quickly went negative, however, and there was much speculation that it was all due to the $8,000 tax credit.  Many said there would be awful drops in sales after April 30th.  I decided to follow the market statistics for my neighborhood to see how much of this speculation is true for Philly.  I pulled the stats for the 19147 zip code, for April (the supposed "outlier" month), May and June.  Here is a break down of what I found:

• In April 55 units sold with properties on the market an average of 147 days.
• In May 54 units sold with properties on the market an average of 91 days.
• In June 66 units sold with properties on the market an average of 89 days.

Through out the news coverage, there was speculation that April was only a good month because all of the people who were going to buy this summer just bought early in April.  The statistics do not seem to show that all of these negatives are happening in this area of Philly.  In June more properties sold, and properties were on the market for less days.  I will admit there was a slight variance in average home price over the three months.  April's average home price in 19147 was $357,790.  In May the average was $319,077.  For June, the number was $324,125.  I can't speak for national trends, but in my opinion, Philly continues to be a market that is not doing as bad as seems to be reported.