Calling Pittsburgh "the next Boston," recent analysis finds Pittsburgh and Cleveland are bucking trends in stagnant first-time buyer rates in the housing market.
Krista Francks Brock sums up the news: "A burgeoning young, knowledge-based workforce is contributing to housing and overall economic growth in Pittsburgh and Cleveland, according to the latest Home Value Forecast from Pro Teck Valuation Services." The forecast "ranked the housing markets top 200 core-based statistical areas based on home sales, home listings, prices, inventory, days on market, sold-to-list price ratio, and foreclosures and REOs."
Some specifics produced by the forecast: "Currently, Cleveland homes remain 30 percent below their pre-crisis highs, although 'we are seeing Cleveland home prices on the rise as their relatively new knowledge-based economy takes hold,' said Tom O'Grady, CEO of Pro Teck Valuation Services."
The forecast references the work of the "Ranking America’s Top Young Adult Labor Forces: A Rust Belt Rising" study published last month by Cleveland State University.
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