Home price trends in Pittsburgh

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City-by-city price comps

This town has plenty of reason to celebrate as home of the Super Bowl XLIII champions and no huge price drops expected this year. It’s another market where actual prices are below equilibrium, according to Local Market Monitor. “Home prices didn’t rise too fast relative to incomes, and construction activity kept up with demand but didn’t overshoot demand,” says Celia Chen, senior director of housing market research at Moody’s Economy.com. “So there’s less of a correction that’s required.”

Median price end of 2008: $109,100
Median price end of 2007: $116,900
Percent change: -6.7%
Projected change through Q3 2009: 0.6%
Affordability rating: 0.0
Foreclosures in 2008:
(1 for every 110 households)
Foreclosures in 2007:
(1 for every 272 households)
Change in foreclosures: 147.8%
Expected to hit bottom: Q2 2008
Percent drop needed to reach bottom: -0.7%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $111,600
Q2 2008 local median price: $125,200
Q3 2008 local median price: $122,700
Q4 2008 local median price: $109,100

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