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Experts: Pittsburgh housing market on ‘healthy trajectory’

Pittsburgh housing is hitting all cylinders in the first quarter of this year.

The number of home sales throughout the region are up. Dollar volume is up. And home builders are seeing their business grow.

“Our market is on a very healthy trajectory,” said Dan Murrer, vice president of RealSTATs, a South Side real estate information service.

The trend started in October 2014 continued through March 2015 as the number of homes sold jumped 6.2 percent in the first quarter and dollar volume of transactions spiked 14.2 percent, according to RealSTATs.

Buyers closed on 5,402 homes in Allegheny, Beaver, Butler, Washington and Westmoreland counties in the first quarter, up 317 units from the 5,085 homes purchased in the first quarter of 2014.

Higher home prices on average caused dollar volume to climb 14.2 percent to $908.9 million compared to $796 million in 2014, an increase of $112 million.

The region’s average home price jumped 7.5 percent from $156,579 in the first quarter of 2014 to $168,259 last quarter.

The average home price jumped from $151,909 to $165,689 in Allegheny County; from $120,749 to $126,887 in Beaver; and from $169,916 to $204,334 in Washington County.

Westmoreland County saw average home prices fall from $139,010 to $135,030 while Butler County remained relatively flat, falling from $239,065 to $238,506.

Home-builders in the region saw their activity climb about 11 percent measured in both units and dollars.

Sales of 429 new homes in the first quarter totaling $151.8 million represented increases of 10.9 percent and 11.4 percent, respectively, compared to last years’s first-quarter figures of 387 new homes totaling 136.3 million.

In related news, Taking a swing at fixing the affordable housing shortage in the Marcellus.

This article was written by Tim Grant from Pittsburgh Post-Gazette and was legally licensed through the NewsCred publisher network.

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