Your Greater Pittsburgh Real Estate Market Report (July 2023)

The West Penn MLS Active Listings Increased 5%

Number of Home Sales Down 10% in June 2023 compared to 2022. There are considerably less homes selling this year versus last year. The average sold price increased 5% for June 2023 compared to June 2022 at 297k- "Yes, increased". There were 484 price reductions in the last 7 days. I'm looking at the current under contract and pending properties and there is about 7 weeks of inventory available (we call this absorption rate), and has decreased over the last month. There are 634 less current pending home sales right now, compared to last year at this time according to the West Penn MLS (this is better than past months). It doesn't seem like this is going to change anytime soon. I've been mentioning the last several months there would be a re-boot of sorts in the real estate market, in the sense that people adjust and move on. I'm not saying the market is going to revive to 2020, 2021 standards but a NEW MARKET will arise more similar to 2017, 2018 or 2019, which were really good in their time. It seems like we are possibly at that tipping point were momentum is building again. It will be interesting to see if this is entirely seasonal or this re-boot as I mention is happening.

If I am going to predict the market over the next few months...

I believe inventory will increase a little over the summer. Prices will soften into the fall season, unless the interest rates decline.

In the last 7 days 809 homes have gone under contract with buyers. While there were 588 new listings that entered the market.

There are 4,027 homes under contract preparing to close in the next 2-6 weeks compared to 4,246 homes under contract last month at this time and 4,611 in July 2022.

Demand will remain strong for well marketed, desirable & effectively priced homes. Multiple Offers over asking price and waiving of home inspections it happening less often.

Check out the blog post, "Reasons Your Home May Not Be Selling"