Home sales in seven major Northeast cities recorded declines of 15 percent or more in March, while median prices continue to fall across the region, except in Pittsburgh, according to The Associated Press-Re/Max Monthly Housing Report, also released Thursday.
The report analyzed sales transactions in nine Northeast metropolitan statistical areas filed by all real estate agents, regardless of company affiliation.
Pittsburgh recorded the worst sales drop in the region, plunging more than 35 percent in March from the year before. However, the median price edged up 1.5 percent to $118,750, the best performance in the Northeast. The number of homes for sale dropped by nearly 21 percent year-over-year.
"A lot of people are holding off from listing (their homes for sale) this year," said Liz Caplan, a Coldwell Banker real estate agent.
More data points suggesting people are hunkering down for the recession, but that demand for property continues to be relatively strong in Pittsburgh.