Home sales in five area counties in May fell 21.5 percent compared to sales during the same month of 2007. It was the 15th consecutive month that sales here trailed those in the prior year, according to RealStats, a real estate information company on the South Side.
The figures cover Allegheny, Beaver, Butler, Washington and Westmoreland counties.
The latest figures brought the total number of sales here for the first five months to 9,778 units, down 17.2 percent from the January-through-May period a year ago.
Figures from the National Association of Realtors for the United States through April showed existing-home sales -- including single-family, townhomes, condominiums and co-ops -- were running at a pace 17.5 percent below that of April 2007.
At year-end 2007, the Pittsburgh region's sales were down 7 percent compared to the year before versus a 12 percent decrease for the nation.
The region is not immune to economic conditions that have been impacting other areas of the country, said Robert Dye, senior economist with PNC Financial Services Group Inc.
The national mortgage and credit crisis has made it more difficult for people here to buy homes, in particular those with less-than-perfect credit, he said.
Nonetheless, he said, the housing market here has held up reasonably well, particularly in regard to prices, which have continued to appreciate while many other markets experienced declines.
Recent economic reports that show job creation here improving should help the housing market, Dye said.
He cautioned that interest rates may be increasing soon; some experts expect the Federal Reserve will take action sometime this year.
"Now may be the time to snatch up some housing bargains while we still have reasonable rates," Dye said.
Real estate notes:
• The law firm of Maiello Brungo & Maiello LP plans to open its third area office in Building 3 at SouthSide Works by the end of the month. The firm, which serves as legal counsel for Soffer Organization, SouthSide Works' developer, has its main office in Penn Hills at the Churchill boundary and a satellite office in North Hills. Two staff members will be stationed at SouthSide Works, said Michele Pelusi, a spokeswoman. Development of the Hofbrauhous is on schedule with a December opening, said Pamelyn McMahon, Soffer marketing director.
• New tenants at the Twin Towers, 4955 Steubenville Pike, Robinson, are Horsehead Corp., which leased 6,595 square feet, and CTI Bio Chemicals LLC, which leased 5,710 square feet. Martha Graham represented the landlord, Massaro Properties LLC.
• A $15,000 grant from the Community Development Investment Fund of the Pittsburgh Urban Redevelopment Authority will fund rehabilitation of 3060 Brereton St., Polish Hill. The grant to the Polish Hill Civic Association, which occupies the first floor of the building, will allow it to fix three residential units on the upper floors.
• Coventry Court, a 12-lot residential community on a cul-de-sac between Trafford and Level Green in Westmoreland County, is a project of Makenzie Land Development LP. Single-family houses are priced from $270,000 and are built by Elchik Builders; Howard Hanna Real Estate Services is marketing them.
• Smith Brothers Agency LP, which last year acquired the former Boggs & Buhl department store, 116 Federal St., North Side, plans to occupy the third floor early next month, said Lindsey Smith, who operates the firm with brothers Bronson and Miles. The fourth floor will be a meeting room that can be rented. The 40,000-square-foot building has first-floor retail and restaurants, with several small offices on the second floor. Smith Brothers is relocating from 2425 Liberty Ave., Strip District.
• New at Summerset at Frick Park, a residential community in Pittsburgh's Squirrel Hill region, is Alcott Village, a 3,405-square-foot traditional brick four-bedroom, 3 1/2-bath house with first-floor master suite plus a loft over the two-car attached garage. Builder is Montgomery & Rust.
• Crazy Mocha Coffee opened its seventh Downtown location and 16th local store on the lower lobby of One Mellon Center, Downtown, said Jared Imperatore, retail specialist at Grant Street Associates. Robert Geiger of Grant Street represented the landlord, Bank of New York Mellon.
• Barton Malow, a general contractor and construction manager based in Michigan, has leased 3,221 square feet at 601 Technology Dr., Southpointe I, Washington County, owned by Horizon Properties Group LLC, said Michael Swisher, principal.
Transactions:
• Guardian Self Storage purchased a six-story warehouse at 29th Street and Liberty Avenue, Strip District, from BBSB LP for $1.77 million, according to a deed filed in Allegheny County. Guardian will convert the building into a self-storage business.
• Three single-family houses at 818-20-22 Chartiers Ave., McKees Rocks, have been sold to ASLA Realco Pa. II LLC, 111 Margaret St., McKees Rocks, for $1.07 million by Gary and Debra Bianchin and Aglaia Crop.
Real estate gallery:
• Coldwell Banker Real Estate Services hired sales associates Patricia Snyder and Daria Miller, Fox Chapel; Mary Jo Iachini and Brett Harsh, Cranberry; Patricia Wilson, Peters; Joseph Janosik Route 19/Galleria; Dan Haeck, Pleasant Hills; Peggy Raible and Erica Raible, North Huntingdon; Yvonne Schifino, East Regional; Margaret Daniels and Scott Daniels, Beaver; and Victoria Dibble, Moon.
• Prudential Preferred Realty hired Steven Friedman as residential chief operating officer.
Contributors: Sam Spatter and Laura L. Lenk
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