Pittsburgh foreclosed homes slowed while home sales and prices rose in October, according to RealSTATS, which has been tracking real estate developments in Pittsburgh and other areas.
The pace of foreclosure in the Pittsburgh metro area slowed by nearly 9 percent in October, with the number of residential units in the region notified of default or foreclosure dropping to 299 units.
Sales of homes meanwhile in the region in October increased by 7.4 percent to 2,514 units, compared to sales in October last year. The sales price median also increased by 3.4 percent to $120,000.
Another report from the National Association of Realtors also showed increases in home sales and prices in the Pittsburgh metro area in the third quarter. The sales price median rose by 1.5 percent on a year-over-year basis.
The median sales price for single-family houses in the Pittsburgh metro area in the third quarter rose to $124,600, up from $122,700 in last year's third quarter and from the $124,200 median in the April-June quarter this year.
Last year, the median sales price in the metro region was $118,400. In 2007, the median was $120,700 while it was $116,100 in 2006.
While the median sales price rose in the Pittsburgh metro area partly because of a lower percentage of Pittsburgh foreclosed homes sold, the median sales price nationwide for single-family houses dropped by more than 11 percent to $177,900 compared to last year's third quarter. Distressed sales still comprised 30 percent of all home sales transactions in the July to September quarter.
In the third quarter, 123 metro areas out of 153 areas studied by NAR showed drops in the median sales price for previously owned homes compared to last year's third quarter. The rest of the areas showed increases in the price median. The sales price median nationwide was $177,900, down by more than 11 percent from last year?s third quarter.
As shown in another report on foreclosures in the three-month period ended September, the pace of foreclosure postings in the Pittsburgh metro area dropped by nearly 18 percent compared to the April-June quarter and by more than 20 percent from last year?s third quarter to one residential unit in every 414 units or 0.24 percent of all households in the area.
A total of 2,671 households were notified of default or foreclosure in the July to September quarter.
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