Oxford, MS (PRWEB) March 21, 2014
Home prices in the Pittsburgh, PA, metropolitan statistical area decreased by 0.71% for the month of January as indicated by the FNC Residential Price Index (RPI). The decline marks the fourth consecutive month of depreciation for this market. In addition, sales activity for Pittsburgh was mixed. While single family home sales have increased by 1.24% from January 2013, the percentage of single family home sales that were distressed reached 10.74%, an increase of 0.47% from January 2013. However, home prices were up 2.44% year-over-year, which marks the sixth consecutive month of year-over-year gains.
FNC’s RPI is the mortgage industry’s first hedonic price index built on a comprehensive database that blends public records of home prices with real-time appraisals of property and neighborhood attributes. As a gauge of underlying home values, the RPI excludes final sales of real-estate owned (REO) and foreclosed homes, which are frequently sold with large price discounts, likely reflecting poor property conditions.