The obvious, and perhaps more relevant for most Pittsburgh Homes Daily readers, question that follows from yesterday’s discussion of commercial real estate in Pittsburgh is, “How is the residential real estate market in Pittsburgh fairing?” So I sifted through recent news reports for information about the Pittsburgh housing market and here’s what I found:
Realstats reported the average price of a home sold in the Pittsburgh area was up 1.8 percent from July 2007. Washington County was the exception – the average price of a home in Washington County fell significantly, though it was thought to be the result of declining new construction sales rather than a collapse in home valuation.
Online home valuation website Zillow recently released its Zillow Real Estate Market Report for the second quarter April – June 2008. Only one of out ten homes sellers in Pittsburgh sold their home for a loss compared to one in four home sellers nationwide and three out of five sellers in California.
The bad news for individuals who need to sell their house in the Pittsburgh market is that fewer homes are selling in the Pittsburgh area. Realstats reported that real estate sales were down 12 percent in July compared to July 2007 – the 17th consecutive month of declining sales. Butler County proved to be the exception – sales in Butler County increased in July.
Pittsburgh ranked 79th out of America’s 100 largest metropolitan areas for the rate of foreclosures in the second quarter – 1 out of every 383 homes in the region were in foreclosure – with foreclosures in greater Pittsburgh up only slightly for the first six months of 2008 compared to 2007. The one troubling signal among the data was that foreclosures in June 2008 in Allegheny County doubled compared to foreclosures in June 2007.