Report: Pittsburgh area home prices rise, sales slow slightly
Pittsburgh area home prices continue to rise, according to the latest RE/MAX National Housing Report.
Although lower interest rates are helping affordability, the area has seen two straight months of accelerating price increases. If the trend continues, it’s not an encouraging development for Pittsburgh-area buyers, according to the July 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.
Among the report’s findings for Pittsburgh:
- Median prices increased 5.2% to $182,000 from last year.
- Homes in Pittsburgh are getting snatched up. On average, homes are only on the market for 43 days, which is a 14% decrease from last year.
- The number of homes on the market in July decreased by 22.5% since last year, with 3,576 homes listed as active inventory.
- Sales slightly slowed, which is good news for the Pittsburgh market given a lack of inventory.
Year-over-year highlights for the region (from July 2018 to July 2019) include:
- Home sales down by 1.7%
- Median sales price up by 5.2% (at $182,000)
- Average days on market down by seven days
- Months’ supply at 2.7 months (six months is considered balanced)1
- Home sales were up by 7.1% from July 2018 (339) to July 2019 (363)
- Median sales price — $150,000 — was up by 2% compared to last year
- Average days on market was down by eight days (61)
- Home sales were down by 1.1% from July 2018 (1,552) to July 2019 (1,535)
- Median sales price — $185,000 — was up by 4.7% compared to last year
- Average days on market was down by two days (46)
1Months’ 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.
Stephen Huba is a Tribune-Review staff writer. You can contact Stephen at 724-850-1280, [email protected] or via Twitter .