Pittsburgh area home sales increase while inventory moves faster
Greater Pittsburgh home sales were up significantly in June from the previous month, while homes continued to sell faster and inventory continued its decline, according to the latest RE/MAX National Housing Report.
Nationally, median sales price reached a nine-year high, but June sales were 5.5 percent lower than in June 2017, marking the seventh consecutive month of year-over-year declines, according to the June National Housing Report .
The national report studies multiple listing service, or MLS, data from 54 metropolitan areas. Greater Pittsburgh includes Allegheny, Westmoreland, Washington and Beaver counties.
Pittsburgh was one of only seven metro areas to have a year-over-year increase in sales in June.
“We continue to watch homes soar upward in list price, while a low inventory and shortage in selection is challenging for our buyers,” said Anthony Leone of RE/MAX Select Realty. “On a positive note, the lack of inventory has sparked a lot of new construction and development in both the city and suburbs. Builders and developers are looking to capitalize on the lack of inventory.”
Year-over-year highlights for the region (from June 2017 to June 2018) include:
- Home sales up by 2.5 percent
- Median sales price up by 7.7 percent (at $182,000)
- Average days on market down by eight day
- Months’ supply at three months (six months is considered balanced)
Months’ supply of inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed during the month.
In Westmoreland County:
- Home sales were down by 4.1 percent from June 2017 (389) to June 2018 (373)
- Median sales price – $156,900 – was up by 4.6 percent compared to last year
- Average days on market was down by six days (65)
In Allegheny County:
- Home sales were up by 2.1 percent from June 2017 (1,696) to June 2018 (1,731)
- Median sales price – $188,500 – was up by 7.7 percent compared to last year
- Average days on market was down by 10 days (47)
Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, email@example.com or via Twitter @shuba_trib.