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PHILADELPHIA-No housing bubble is about to burst here, insisted Paul Levy, president of Center City District, during a press conference in which he released CCD's annual residential report.

Levy acknowledged "a few developers now reporting that they are putting proposed projects on hold" has resulted in "media hyperbole about bursting bubbles." The delays signify "a slowing of the market," he says. "The sky is not falling. The demand for Center City housing is quite strong and quite sustainable."

An average of 1,358 units has been added to the inventory per year during this decade, according to the report. And over that period, occupancy levels remained high and rents and housing prices increased. "This suggests a healthy market equilibrium between supply and demand," he said.