TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Region's year-over-year home sales rise 10.6%

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

Business Photo Galleries

By Thomas Olson
Wednesday, Oct. 16, 2013, 12:01 a.m.
 

The number of homes sold in the Pittsburgh area during the past nine months increased 10.6 percent over the same period in 2012, pushed by builders and buyers who are more confident about the economy and sellers who are getting better prices.

Sales of new and existing homes in the five-county Pittsburgh region through Sept. 30 reached 21,547, compared with 19,475 during the same period last year, according to RealStats Inc., a South Side firm that tracks transactions.

“For about six years, the economy was not percolating enough to cause real estate to move. Now, it is,” said George Hackett, president of Coldwell Banker Pittsburgh.

Higher prices these days are encouraging people to trade up to bigger homes or, in the case of retirees, to downsize or move away. Many had been unable to sell for years because they owed more on their mortgages than their homes were worth. The average home in this area sold for $173,868 during the past nine months, or 4.3 percent higher than $166,727 a year ago.

In addition, with 30-year mortgage interest rates still in the “4 percent range,” they are low enough to attract buyers and increase sales in the region and nationally, said Hackett, whose firm is one of about 800 nationwide owned by Coldwell Banker.

RealStats data cover Allegheny, Beaver, Butler, Washington and Westmoreland counties.

Sales of new homes reflected a resurgent market. Top seller NVR Inc. sold 607 homes in the past nine months, compared with 377 a year earlier. Maronda Homes Inc. sold 204, versus 191 the year before.

“Builders sense more people are willing to buy, so they are building more homes,” said Jeff Martin, president of the Builders Association of Metropolitan Pittsburgh. “And people understand the cost of homes is only going to continue to rise, so they might as well get in now.”

Existing homes accounted for the majority of area home sales, however, with 20,116 homes changing hands through Sept. 30. That was 10.8 percent more than 18,148 last year.

The rise in Pittsburgh-area home sales roughly reflected the national trend. According to data from the National Association of Realtors, about 3.5 million existing homes were sold in the United States from January through August, an 11.8 percent increase over the year-ago period.

NAR spokesman Walter Molony said pent-up demand largely accounts for existing-home sales, which the association forecasts will increase by 11 percent for 2013.

Thomas Olson is a Trib Total Media staff writer. He can be reached at 412-320-7854 or at tolson@tribweb.com.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. 153-year-old Venango well pumps out oil, history
  2. Small retailers at intersection of social networks, foot traffic
  3. Woman on dating site looks too good to be true: How to vet that pic
  4. In ‘StockCity,’ real investing like game
  5. Business Council for Peace program works to export profits, peace
  6. Test-tube tuna may be sea change
  7. Iron ore price decline hurts U.S. Steel’s cost advantage over rivals
  8. Mark Phelan: Cadillac, Mercedes hope to win at name game
  9. Kia’s 1st electric vehicle charges fast, goes distance
  10. Kennametal names replacement for retiring CEO
  11. Health care, gas drilling industries await Gov.-elect Wolf’s footprint
Subscribe today! Click here for our subscription offers.