Home Sales and Prices Rise in Western Pa.

News provided by

West Penn Multi-List, Inc.

Oct 24, 2019, 07:00 ET

PITTSBURGH, Oct. 24, 2019 /PRNewswire/ -- Home sales and the price of homes are increasing, according to West Penn Multi-List, Inc. and its monthly residential real estate report. With fewer home listings coming on the market, closed sales, sales volume and average sales price have increased, compared to the same period of January through September last year.

"We are seeing a decreasing number of homes for sale, so it's driving up prices," said Tom Hosack, current president of West Penn Multi-List, Inc., and president and CEO of Berkshire Hathaway HomeServices The Preferred Realty. "Sellers are enjoying a quick turnaround and getting a suitable price for their home."

When comparing January-September 2019 with the same time period in 2018:

  • Closed sales are up 3.34 percent (23,052 units in 2019 versus 22,306 in 2018);
  • Closed sales volume is up 7.85 percent ($4,607,172,720 in 2019 versus $4,271,710,530 in 2018);
  • Average sales price is up 4.36 percent ($199,860 in 2019 versus $191,505 in 2018); and
  • Home listings are down 11.93 percent (28,691 units in 2019 versus 32,576 in 2018).

"Even though the price of homes is increasing, there are still many affordable homes available," said Hosack. "First-time home buyers are still well positioned to make a purchase in this market with the average sales price just under $200,000."

Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.

CONTACT: Maegen Laney Noble
[email protected]
904.451.2644

Jennifer Faines
[email protected]
412.559.2860

SOURCE West Penn Multi-List, Inc.

Related Links

http://www.westpennmls.com

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