Pittsburgh-area home sales fall 20 percent in April
Homes sales during April within the five-county Pittsburgh Metropolitan area dropped 20 percent from a year ago, the real estate information firm RealStats reported.
The sharpest year-over-year decrease was recorded in Butler and Allegheny counties, down 27.5 percent and 24.1 percent, respectively.
A total of 1,696 homes exchanged hands in the region in April, compared with 2,120 homes in April 2008, and 2,448 in April 2007, according to South Side-based RealStats.
"Fear and tighter lending standards are trumping low interest rates and the $8,000 first-time homebuyer credit," said Daniel Murrer, RealStats vice president, in a statement.
"Potential sellers may be hesitant to put their homes on the market for fear that they won't get the real dollar figure they want, or they may not be able to sell at all."
Money spent on homes this past April fell $71.6 million, to $228.6 million from $300.2 million in April 2008. The sharpest decline was found in Allegheny County, where money spent on homes dropped 29.2 percent, to $129 million from $182.2 million one year earlier.
Despite fewer homes sold, the median price in April rose 3.4 percent, to $113,750 from $110,000 in April 2008. Allegheny County's median increased 3.6 percent, to $112,000 from $108,000, RealStats reported.