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Pittsburgh home sales fall nearly 19 percent in June

Pittsburgh homes sales fell 19 percent year-over-year in June.

Pittsburgh homes sales fell 19 percent year-over-year in June.

The Pittsburgh housing market continues to be afflicted by low home sales, according to the Pittsburgh Tribune-Review.

Although the region's average home value has increased recently, the news source says the trend is more the result of high-end buyers purchasing expensive homes and than it is an overall improvement of the industry.

According to stats from Pittsburgh-based real estate information company RealStats, home sales fell nearly 19 percent in June, from the numbers recorded a year earlier. Tom Hosack, president of Northwood Realty Services, told the news source that the drop off may have largely been the result of a federal tax credit that gave homebuyers an $8,000 rebate if they purchased their home by the end of June.

Still, experts continue to express their concerns about the country's dismal economic climate and high unemployment rate, pointing to these factors as major reasons for the troubled housing market.

Because of numerous financial concerns, many families that want to relocate to a new city may not have the resources to pay for a new home and all of the accompanying costs. Some of those who do have the financial means to make a substantial down payment and cover the costs of moving vans and rental trucks, are unable to secure a mortgage for a new home because of increased credit restrictions.