My friends over at RealEstate.com recently published an interesting new infographic about the real estate market roller coaster. It is very interesting but also very national and well, Pittsburgh just hasn't been on the same ride as the rest of the country.
See, Pittsburgh is hot! This summer the number of residential homes placed under agreement increased 21.31% year-over-year, with an average sale price increase of 11.93%. This continues a trend that has been going for awhile, which at this point has the market up 7.25% for the year, according the the West Penn Multi List.
Of course, as hot as the market has been, it is the slow and steady growth that has really helped Pittsburgh's economic recovery remain on track and ahead of schedule by national standards. If you take a look at a 15-year period comparing Pittsburgh to the rest of the country it will show how the rest of the U.S. rode the Thunderbolt, and here in Pittsburgh it was more like the Little Dipper. Luckily in housing, a less thrilling a ride is a good thing.
At the beginning of 2012, PNC Bank published a Pittsburgh Market Outlook that reports we have already surpassed our pre-recession peak employment level, and forecasts positive growth for Pittsburgh in population, income and affordability. It concludes with a prediction for an even stronger economic future. Yay Pittsburgh!
So while it might be tempting to talk about the bad real estate market in the rest of the U.S., here in Pittsburgh is is very important to remember that real estate is local and our area is not reflecting what has happened elsewhere.
Riding the Trillion-Dollar Real Estate Recovery Roller Coaster.