Friday, July 17, 2009

Home Prices Fall In Pittsburgh Region

The value of homes in the Pittsburgh region is dropping right alongside with the number of home sales. According to real estate tracking company RealSTATS the average sales price in the Pittsburgh Region dropped 3.9% from $152,808 in the second quarter of 2008 to $146,890 by June 2009.

Pittsburgh had been doing well in the housing market despite national problems largely because the region avoided the type of speculation that drove up home prices. Pittsburgh is now starting to feel the pain of having to many houses on the market and not enough buyers. RealSTATS Vice President Daniel Murrer says that even though home prices are falling and home sales declining Pittsburgh has seen a decline in foreclosure rates since 2006.

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