Pittsburgh home sales continue decline
Pittsburgh Business Times
The slumping Pittsburgh housing market showed no signs of recovery in June with home sales down 15.4 percent over the same month last year.
There were 488 fewer home sales in the five-county Pittsburgh region in June of this year compared to the same month last year with every county reporting a decline, according to a recent report from RealSTATs, a real estate information company based on Pittsburgh's South Side.
June was the 16th consecutive month of declining home sales in the region.
Beaver County experienced the largest percentage fall with 82 fewer home sales, June 2008-over-June 2007, a 31.8 percent drop, followed by Butler, which saw 77 fewer sales, a drop of 23.1 percent. Washington, Allegheny and Westmoreland counties all saw smaller percentage declines.
Still, Beaver, Butler and Allegheny counties all showed median price increases with home price appreciation of 14 percent, 1.9 percent and 1.2 percent respectively.
Median home prices fell 8.2 percent to $128,500 in Washington County and 3.3 percent to $123,050 in Westmoreland County.
"The current downward trend in activity shows no sign of letting up," said Daniel Murrer, vice president of RealSTATs, in a statement. "A lot of folks in a lot of industries are affected by the slowdown which is intensified by cost increases in other sectors,"
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