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Local housing sales jump; first-time buyer incentive credited
Friday, November 20, 2009

Housing sales in Allegheny County made a dramatic turnaround in October in response to buyers trying to cash in on the $8,000 tax credit that had been set to expire in November.

Buying activity here jumped 18.1 percent in October 2009, when $227.1 million was spent on housing, compared to October 2008 when $192.3 million changed hands, according to RealSTATs, an information service that compiles data on local real estate transactions.

The dramatic jump in Allegheny County sales, combined with a 6.4 percent jump in Westmoreland County, offsets modest drops in Beaver, Butler and Washington counties to set the five-county region up 9.7 percent, according to RealSTATs.

"The first-time homebuyer tax credit I think is what's driving the spike," said Dan Murrer, vice president of RealSTATs. "I expect November to show a similar jump in dollar activity."

More details in tomorrow's Pittsburgh Post-Gazette.

Tim Grant can be reached at tgrant@post-gazette.com or 412-263-1591.
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First published on November 20, 2009 at 11:43 am