Pittsburgh's Best Homes Blog

head_left_image

Existing Home Sales Fall, But Prices Rise

Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of REALTORS®

For the past several years there has been a lot of talk about where the "bottom" of the market is. In my interpretation, it may have been in November. This week NAR published data, quoted above, that shows prices beginning to rise. It is true that activity went down in December, but I personally see that as a result of the extension of the tax credit and the lessening of the urgency to buy and close before December.

As the year turned, activity also seemed to pick up. A few good signs in the economy, low interest rates and the tax credit have gotten people who were on the fence and waiting to buy into the game. Right now prices are still low but as seller start to feel better about the activity in the market there is no doubt they will begin to hold their line on prices, even opting to price them a bit higher.

Sure a downturn in the economy could slow things down again, and if you are unsure about your financial condition you should proceed with caution but signs seem to indicate that the worst in the residential market may be behind us.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

facebook icon twitter icon linkedin icon

Comment balloon 0 commentsChrista Ross • January 29 2010 02:37PM
Existing Home Sales Fall, But Prices Rise
share
Existing-home sales fell as expected in December after first-time buyers rushed to complete deals during the months leading up to the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in… more
Green Living and Energy-Efficient Home Options in the Pittsburgh Area
share
Green Living and Energy-Efficient home options in Pittsburgh range from contemporary to traditional, high-end to affordable and City living to Suburban selections. As a… more
The Perfect Storm
share
Can you feel the winds blowing? The Perfect Real Estate Storm is coming Prices are Low - Sellers have had to drop their prices over the last year, making the time right for buyers. Interest Rates are Low - Matter of fact, they can't be… more
URA-Sponsored Homes Add Up to Big Savings for City Buyers
share
If you are looking for a great value on a home in the city, consider a URA-sponsored house. If you are not familiar with the URA (Urban Redevelopment Authority), it is the City of Pittsburgh's economic development agency. Its goals are to create… more
Then There Is Pittsburgh…
share
In an otherwise glum story from Fortune Magazine on the 2010 Housing Outlook there is this amazing quote… "Then there's Pittsburgh, which didn't have much of a housing bubble to begin with and is the only market projected to grow next… more
Let It Snow & Stay Warm With An EcoSmart Fireplace
share
If you have been dreaming of a fireplace but not the hassle of plumbing for gas logs or needing to vent it to the outside, then you should look at the EcoSmart Fireplace The EcoSmart Fireplace is an environmentally friendly open fireplace that… more
Murrysville Christmas Tree Recycling Program
share
If you got a real Christmas tree this year then be sure to complete the loop and recycle it now that it is time to take down the decorations and pack them away for another year. The Westmoreland Conservancy sponsors 20 drop-off sites throughout… more