Aug 02 2008
Pittsburgh Housing Market Update - August 2008
Looks like the downturn in the housing market is finally starting to hit home.
We’re seeing a lot of negative numbers for July 2008 compared to the same month last year.
Once again, I took a look at residential, single-family home sales, based on statistics from the WestPenn Multi List. Numbers reflect the percent change between July 2008 and July 2007.
East Allegheny County
Sales Volume -22%
Average Sale Price -3%
Westmoreland County
Sales Volume -25%
Average Sale price -8%
North Allegheny County
Sales Volume -24%
Average Sale price +1.6%
Butler County
Sales Volume 0%
Average Sale price +6%
Washington County
Sales Volume -32%
Average Sale price +7%
Murrysville
Sales Volume -48%
Average Sale Price +5%
Plum Boro
Sales Volume -42%
Average Sale Price -11%
Monroeville
Sales Volume -11%
Average Sale Price +3%
Penn Hills
Sales Volume -36%
Average Sale Price -16%
Squirrell Hill
Sales Volume -42%
Average Sale Price -1%
While the market in Butler County continues to remain strong, the rest of the statistics speak for themselves.
The question now is: what effect, if any, will the housing stimulus package have on the Pittsburgh market?
I think it will take, at the very least, a few months to see what happens.
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