
Residential real estate prices in the Pittsburgh area have increased over the past year, but homes sales have declined since November 2006.
The average price of a home climbed 6.7 percent from $140,269 in November 2006 to $149,726 last month in the five county area, according to RealSTATs, a real estate information company.
At the same time sales volume dropped 9 percent from $370.6 million in November 2006 to $337.2 million last month, based on RealSTATs figures.
"Although we didn't have [unit sales] growth this year, we didn't flatline either," said Helen Hanna Casey, president of Howard Hanna Real Estate Services. "The big thing is prices have had a slight increase and that's important to people.
"The listing inventory, however, has not increased and that is a surprise to the industry."
According to RealSTATs, four of the five counties saw gains.
Allegheny County prices increased 13.3 percent over last year, followed by Butler County at 2.8 percent, Beaver County at 2.5 percent and Washington County at 2.3 percent.
The average price in Westmoreland County dropped 11.1 percent over the past year from $143,643 to $127,690 last month.
Anthony Cimino, a broker and owner of Remax Heritage and president of the Realtor's Association of Metropolitan Pittsburgh, said part of the reason for the softer market is potential buyers are worried about what they are reading about real estate in the national media.
Mr. Cimino said the local story is different.
"Our market has been a safe one. We've experienced modest appreciation and we're seeing it year after year."
| November 2007 real estate transactions | ||
| County | Average price | Median price |
| Allegheny | $150,428 | $114,000 |
| Beaver | $115,433 | $91,500 |
| Butler | $193,032 | $164,900 |
| Washington | $168,473 | $129,950 |
| Westmoreland | $127,690 | $106,000 |
| Total | 149,726 | |