The Housing Market is Heating Up in Southwestern Pennsylvania - News, Weather and Sports for Lincoln, NE; KLKNTV.com

The Housing Market is Heating Up in Southwestern Pennsylvania

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SOURCE West Penn Multi-List, Inc.

PITTSBURGH, July 9, 2014 /PRNewswire/ -- It's not just the temperature that is rising in Southwestern Pennsylvania this summer. According to the June 2014 residential real estate report from the West Penn Multi-List, Inc., most major indicators increased last month.

"We are finally starting to replenish our inventory of houses for sale in the area," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "There has been a demand for houses, but we just haven't had an increase in new listings this year until now."

A comparison of June 2013 to June 2014 data shows:

  • New listings increased 10.32 percent (3,742 homes in June 2013 versus 4,128 in June 2014);
  • Residential homes placed under agreement increased 8.14 percent (3,880 homes in June 2013 versus 4,196 in June 2014);
  • Average home sale price increased .63 percent ($186,627 in June 2013 versus $187,806 in June 2014); and
  • Average number of days on the market decreased 1.25 percent (80 days in June 2013 versus 79 days in June 2014).

"It's encouraging to see new listings increased in 12 out of the 13 counties serviced by the West Penn Multi-List, Inc.," Hackett continued. "People are buying what's out there, so having additional houses on the market will afford home-seekers more options."

When comparing January – June 2014 data with the same time period in 2013:

  • New listings decreased .74 percent (20,248 homes versus 20,098);
  • Residential homes placed under agreement decreased 1.14 percent (20,484 homes versus 20,250);
  • Average home sale price increased 1.21 percent ($167,155 to $169,181); and
  • Average number of days on the market decreased 3.19 percent (94 versus 91 days).

The numbers in this report represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties.

CONTACT: Kristen Laney O'Toole
KLaney@laneycommunications.com
412-327-2907

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