You gotta disbelieve

The title was going to be for a baseball post, but then I saw the latest stories on Pittsburgh region real estate prices. Baseball geeks can probably deduce what the baseball comment was going to be unfortunately.  For real estate we have something really odd continuing. The Trib’s headline is not the first, but may be an escalation in some peculiar cognitive dissonance.  The title of the article is: Housing Sales in Pittsburgh Region Continue to Decline.

That headline is true enough, but if you read the story you see it is reporting local real estate values increased by over 8% and 5% in terms of median and average prices year over year.

+8.3% and +5.6% to be precise….. when comparing to national real estate prices which are continuing to plummet, why is the headline about a very marginal decline in the number of sales.  I still am not so sure the number of sales is inherently a good or bad metric for a region, important as it may be to the livelihood of individual real estate brokers or sales agents.

I’ve said this before, but when you factor in the relatively low inflation level of late, the ‘real’ real estate appreciation going on in Pittsburgh must be maintaining a near record pace.

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