By Randi Petrello
If you’re looking to sell your Pittsburgh home, this could be a good time.
MoneyJournal.com has named the best real estate markets for 2013, and Pittsburgh is No. 18 on the list. Home sales here are forecast to be up 6.8 percent, the report said.
Miami, Fla., topped the list, with a forecast of 13.4 percent. The area has seen record-high home sales as well as higher prices, sending the market into recovery, MoneyJournal said. Phoenix (up 13 percent) was No. 2 on the list, followed by Palo Alto, Calif., (12.2 percent) Orange County, Calif., (11.1 percent) and the Texas Gulf Coast city of Houston, (10.1 percent).
In Pittsburgh, home values are up 2.6 percent to $86,900, according to Zillow. The median list price is $129,900 and the median sale price is $105,200.
The report said that, with home prices appreciating in many regions, the recovery is showing the strongest improvement since the housing market crashed nearly seven years ago.
Home values nationwide rose 5.1 percent year-over-year, according to Zillow’s first quarter Real Estate Market Reports. The report expects home values to increase 3.2 percent over the next year, from March 2013 to March 2014. Of the 261 metro areas covered by the report, 223 are expected to see increases.
Zillow said the housing recovery is uneven across the country, as some areas are experiencing slight home value declines, while other cities are experiencing unsustainably high home value appreciation. Concern is that low interest rates are helping to fuel higher housing prices, a trend that could change once interest rates start to climb, making home mortgages higher in cost for buyers. About 75 percent of the metro areas covered by the report saw annual increases in home values, though, a sign that the recovery is continuing to take hold.
San Francisco came in at No. 6 (9.7 percent) and its nearby neighbor, San Jose, was next with a 9.2 percent forecast, followed by Williston, N.D. (8.9 percent), Tampa (8.7 percent) and at No. 10 is the Arizona city that goes by "Optics Valley" due to its uptick in the manufacture of optics and optoelectronics systems, Tucson, Ariz.