Study says home prices here least likely to fall
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Pittsburgh is the least likely major metropolitan area to see a decline in home prices during the next two years, according to a new study.
The U.S. Market Risk Index, issued by New York-based mortgage insurer PMI Group, said such hot markets as San Diego and Boston have nearly a 60 percent likelihood of seeing price declines in the next two years, while the odds of such a decline locally are only 5.9 percent.
This is the second consecutive report that has named Pittsburgh as the least risky of the top 50 real estate markets in the country. Ten months ago, the index calculated the odds of a price decline here at 5.5 percent.
In other housing news, the West Penn Multi List, the database for area Realtors, reported that 8,660 homes were placed under agreement in the seven-county Pittsburgh metropolitan area during the first quarter, compared with 8,725 during the same period last year.
The average price for homes sold was $141,003, up 2 percent from the same period last year. The metro area includes Allegheny, Armstrong, Beaver, Butler, Fayette, Washington and Westmoreland counties.
First Published April 7, 2006 12:00 am
