PGH one of few large metros to show YOY home price increase in 3rd Quarter (Pittsburgh: sales)

[BrianTH]

Here is the latest median sales price data for existing single-family homes from the National Association of Realtors for the third quarter of 2009:

http://www.realtor.org/wps/wcm/connect/3d2f3280403fb582a6e6f7205f470b6e/REL09Q3T.pdf?MOD=AJPERES&CACHEID=3d2f3280403fb582a 6e6f7205f470b6e (broken link)

The Pittsburgh Metro showed a 1.5% increase in the median sales price year-over-year, which isn't bad considering that many metros were down YOY, some very significantly. Overall, the U.S. was down 11.2% (the Northeast was down 9.4% and the Midwest was down 5.5%). Philly was down 5.6%, and Cleveland was down 0.5%. The other larger (Top 30) metros showing an increase were Denver (1.8%) and Dallas and Houston (0.2%).

Pittsburgh remains fairly affordable, however: in this quarter the median sales price was $177,900 in the U.S. ($244,500 in the Northeast, $150,200 in the Midwest), whereas in Pittsburgh it was $124,600. Philly remains more expensive at $227,500, but Cleveland, which was more expensive as of 2007, has now slipped below at $115,800.

[Fiddlehead]

I am assuming this just confirms that there was little real estate bubbling in the Burgh. Also, I suspect, it indicates that home construction, mortgage loans, and real estate are not huge slices of the local economy, and so unemployment is lower than in the other areas. All of which sounds fine by me. It was a fool's game.

[BrianTH]

Originally Posted by Fiddlehead

I am assuming this just confirms that there was little real estate bubbling in the Burgh. Also, I suspect, it indicates that home construction, mortgage loans, and real estate are not huge slices of the local economy, and so unemployment is lower than in the other areas. All of which sounds fine by me. It was a fool's game.

I believe your inferences are all correct.