Yinzers Rejoice! It’s finally summer in the ‘Burgh! However, if you’re a native then you’ve noticed that apart from the beautiful weather over Memorial Day weekend, it hasn’t quite begun to feel like summer just yet in the ‘Burgh. While the Pittsburgh summer weather might not be super warm, the Pittsburgh Real Estate Market is heating up and here are four ways on how!
- Home Sales Increased Significantly ~ To be specific, Pittsburgh 2015’s first quarter saw the home sales increase by 6.2% according to fortunebuilders.com. Even more impressive, “pending home sales hit highest level since 2008” according to bizjournals.com. This is especially great news compared to the home sales drop in April 2015 when they unexpectedly dropped approximately 3.3%. All four of the US regions saw an increase in contract signings (which indicates an increase in pending home sales). Contract signings rose to 112.4 in April, the 4th consecutive month it has increased!
- Dollar Volume Increase ~ The dollar volume of the previously mentioned sales increased 14.2%!
- Foreclosure Activity Decreased ~ Foreclosure activated actually decreased 8.7% since the previous year with 1,423 homes in foreclosure.
- Pittsburgh’s Unemployment is Below National Average ~ Pittsburgh’s unemployment rate is at 5.2% which is under Pennsylvania’s as a whole, and also under the national average.
To quote fortunebuilders.com,
“the Pittsburgh housing market is steadily improving. Unlike most markets across the country, Pittsburgh has a modest supply of housing inventory. This, in addition to improving economic conditions, has made it easier for prospective buyers to obtain mortgages.”
Hopefully these stats have you more confident than ever about the Pittsburgh Real Estate Market. If this is the case and you’re looking to sell your current home or even buy your first home, be sure and contact us today!
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Until Next Time,