National and Local Real Estate Market Update

June 10, 2025

National Market Overview

The U.S. housing market remains slow despite record-high inventory levels. As of early June, over $700 billion in residential listings are active, with nearly 44% of homes sitting on the market for more than 60 days. Still, home prices continue to inch up, increasing by 1.4% in April. Mortgage rates have slightly eased, with the 30-year fixed average at around 6.85%, offering a limited window of opportunity for buyers and refinancers. Affordability remains a central concern, keeping many first-time buyers on the sidelines.

Pittsburgh home prices are up about 6% from last year. Homes under $400K sell fast, often in 20-30 days with multiple offers. Inventory is growing slightly, which helps buyers, but demand is still strong. Sellers may benefit from listing soon, before a potential seasonal slowdown in the fall market. Multifamily building permits are rising. While still lower than the national average, it shows builder confidence and may help meet future demand. Rent prices are up nearly 48% since 2019.

North Hills areas like McCandless, Ross, and Franklin Park are very active. Homes under $500K are selling quickly, averaging under 25 days on the market. Inventory is slowly improving, but demand continues to drive strong competition. Sellers can take advantage of this by listing now, while buyers may benefit from expanded mid-summer inventory. Rental availability is limited, and prices for larger units continue to rise. This trend is pushing more renters to become buyers, especially in the $250K–$400K starter home range.

Sources:

• Business Insider
• MarketWatch
• Axios Pittsburgh

*Includes AI-generated content.