Greater Pittsburgh home sales up significantly in April

Pittsburgh area home sales are up significantly from last month and inventory continues its steady decline. Home prices also are on the rise, according to the latest Remax National Housing Report.

Of the four counties in the Greater Pittsburgh area, Allegheny County had the most home sales in April at 1,248, and Allegheny and Washington counties had the highest median home price at $170,000, according to the May National Housing Report.

Pittsburgh homes
Skyline of Pittsburgh, Pennsylvania from Mount Washington

The national report studies multiple listing service, or MLS, data from 53 metropolitan areas. Greater Pittsburgh includes Allegheny, Westmoreland, Washington and Beaver counties.

Throughout the country, homes sales increased 2.3% in April, compared to this time last year, despite the ever-shrinking inventory. Thirty-eight of the 53 markets included in the report posted more sales than in April 2017, while the 2.5 months of inventory tied with March as the smallest ever.

Until the area sees an increase in new home construction, there will continue to be a strain on inventory and a steady rise in median sales price, the report said.

Year-over-year highlights for the region (from April 2017 to April 2018) include home sales up by 1.3%, median sales price up by 7.6% (at $160,000), average days on market down by one day and the months' supply at 2.1 months (six months is considered balanced).

Tribune Content Agency
Purchase Housing inventory Home prices Housing markets Pennsylvania
MORE FROM NATIONAL MORTGAGE NEWS