Property sales drop as tax credit expires
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Although Pittsburgh area real estate sales had surged 26 to 30 percent during the first half of this year while the market was under the influence of the first-time homebuyer tax credit, just one month after the credit expired the market has dropped 6 percent from July 2009 and more than 12 percent from July 2008, according to RealSTATs, a local real estate information source.
Last month, 2,464 homes changed hands in the five-county area for a total of $402.1 million, compared to 2,621 homes for $415.2 million in July 2009, and 2,812 homes for $461.3 million in July 2008.
Three counties saw the number of home sales drop in July -- Allegheny, from 1,639 in 2009 to 1,517 in 2010; Washington, from 249 to 202; and Westmoreland, from 386 to 368. The drops exceeded the gains measured in Beaver and Butler counties, 159 to 164 and 188 to 213, respectively.
First Published August 18, 2010 11:22 am