Nov 03 2008
Pittsburgh Housing Market Update - November 2008
To say that October was a quite a month for the economy would be … well … quite an understatement.
Be that as it may, once again the numbers are in for the Pittsburgh residential real estate market.
The biggest overall trend we see for October 2008 is that homes for sale are staying on the market longer, compared to October 2007.
Not much of a surprise here as credit for the preceeding months tightened up and we saw fewer buyers in the market. This is also reflected in a drop in sales volume for the 3 counties in this survey.
It’s interesting to note that East Allegheny County experienced the smallest drop in sales while experiencing an increase in average sale price. With the economy continuing to sputter, it’s possible that buyers are now opting for the lower prices in East Allegheny, compared to North Allegheny and Westmoreland Counties. However, it’s still too early to draw any definitive conclusions.
Here are the stats for single-family homes, courtesy of the West Penn Multi List:
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The year-end numbers, which I will be posting in January 2009, should be interesting. So far, for the first 10 months of the year overall sales volume is down compared to last year but average sale price is holding pretty steady.
