Tortoise or Hare? Pittsburgh Real Estate
I really do suspect one could blog/comment/opine daily on assessments in Allegheny County from now until... some undefined date long in the future, but who wants to endure that? So to connect a bit the assessment crescendo just beginning with the bigger picture, and for a good end of the year post... just what is going on with Pittsburgh real estate?
Some benchmarking of data from the Federal Housing Finance Agency is below. I should add a note that this is their Purchase Only index of housing prices among the 25 largest MSAs in the nation. This is an index normalized to the beginning of 1991, so the graph is showing relative changes, not actual dollar values in any sense.
Pittsburgh is in fact the current median in that dataset which they label as the 25 largest MSAs, but includes some Metropolitan Divisions as well. Nonetheless, if you bought real estate in Pittsburgh in 1990 it would on average have been a better investment than in half of the other regions. I suspect some here will just refuse to believe that.
It is all unctuous bafflegab I tell you. Über unctuous maybe.. or is it Über bafflegab?
and for the curious, the region tracing out the north face of the Eiger is Miami.
Some benchmarking of data from the Federal Housing Finance Agency is below. I should add a note that this is their Purchase Only index of housing prices among the 25 largest MSAs in the nation. This is an index normalized to the beginning of 1991, so the graph is showing relative changes, not actual dollar values in any sense.
Pittsburgh is in fact the current median in that dataset which they label as the 25 largest MSAs, but includes some Metropolitan Divisions as well. Nonetheless, if you bought real estate in Pittsburgh in 1990 it would on average have been a better investment than in half of the other regions. I suspect some here will just refuse to believe that.
It is all unctuous bafflegab I tell you. Über unctuous maybe.. or is it Über bafflegab?
and for the curious, the region tracing out the north face of the Eiger is Miami.
posted by C. Briem at Thursday, December 29, 2011
2 Comments:
The funny thing is that house prices in Pittsburgh are just doing what they are supposed to be doing (according to standard economic models and long-term historical observations). In that sense it is the rest of the world which went crazy, and Pittsburgh is just normal.
I Know that buying real estate is unique to every buyer and that buying a home is a very personal decision. Bountiful Utah homes for sale
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