Where does the housing market stand? (Pittsburgh, Penn: for sale, foreclosures, rental)

[rocafeller05]

Just curious on where the housing market stands from the "big boom"(2001-2006). I currently just began to watch the 'Burgh market. Is there room for prices to come lower? Was there a big spike in prices back in 2001-2006 & some more correction is needed? From what Im seeing many homes are on the market for a while.

[Geeo]

There is a story in this morning's Tribune-Review that says that Pittsburgh is still bucking the national trend. Prices increased by just one percent in the Pittsburgh region in 2008, and declined 0.09 percent in the last three months of the year. We never had the boom where prices increased 20 or 30 percent a year, although some of the more desirable neighborhoods in the East End of the city did see high increases since 2000 because of demand and no more room to build houses, which resulted in some condo construction. Rental vacancies stand at about 2.5 percent - a pretty tight market.

[rocafeller05]

Thats what I was looking for. I didnt know if Pittsburgh experienced the "boom" as some other cities did. So it would be safe to say that the market is on average with other years. When I buy I didnt want to purchase in a "pre inflated" market.

Thanks.

Originally Posted by Geeo

There is a story in this morning's Tribune-Review that says that Pittsburgh is still bucking the national trend. Prices increased by just one percent in the Pittsburgh region in 2008, and declined 0.09 percent in the last three months of the year. We never had the boom where prices increased 20 or 30 percent a year, although some of the more desirable neighborhoods in the East End of the city did see high increases since 2000 because of demand and no more room to build houses, which resulted in some condo construction. Rental vacancies stand at about 2.5 percent - a pretty tight market.

[dugdogmaster]

Pittsburgh is predicted to be one of the few major cities to see home price increases in the coming year.

[onwardandupward]

Ditto all the above - my guess is that while house prices in Pgh. are stable, houses are taking somewhat longer to sell due to the credit crunch and increased difficulty of getting financing by buyers.

[Bazzwell]

Good question. The area remains fairly stable as far as prices and inventory. Some better areas are even experiencing an inventory shortage. As already said, credit and banking are slowing overall progress but there is no panic sale going on. This is a hard thing to get across though as some buyers feel as the nation goes, so goes Southwestern Pennsylvania.

The only real change we're seeing other than lending is an increase of inventory in areas that have always had an overabundance of places for sale.

[rocafeller05]

So its safe to say that Pittsburgh DID NOT have the skyrocketing in prices back in 2001-2006? I would hate to buy at a high time when the prices may soon be dropping.

Originally Posted by Bazzwell

Good question. The area remains fairly stable as far as prices and inventory. Some better areas are even experiencing an inventory shortage. As already said, credit and banking are slowing overall progress but there is no panic sale going on. This is a hard thing to get across though as some buyers feel as the nation goes, so goes Southwestern Pennsylvania.

The only real change we're seeing other than lending is an increase of inventory in areas that have always had an overabundance of places for sale.

[bradjl2009]

I actually saw a few weeks ago in the Sunday Post-Gazette they showed a graphic that showed foreclosures dropped slighty in 2007 compared to 2006. We never really had that many idiots clamoring to live here taking risky mortgages to live in that $500,000 house you can't afford. They may have been laughing at us for low prices in 2006 but now who's suffering?

[onwardandupward]

Originally Posted by rocafeller05

So its safe to say that Pittsburgh DID NOT have the skyrocketing in prices back in 2001-2006?

Yes.