Homes Sell Quickly in Region, Remain Affordable

News provided by

West Penn Multi-List, Inc.

Apr 24, 2019, 07:00 ET

PITTSBURGH, April 24, 2019 /PRNewswire/ -- Homes in Western Pa. are selling quickly, and the average sale price remains affordable for homebuyers. Closed sales, sales volume and home listings have risen compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report.

"With interest rates down to almost four percent, buyers are getting more house for the money or lower monthly mortgage payments than they would have gotten just four months ago when rates were close to five percent," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Competition is fierce and receiving multiple offers on a house has become the norm for sellers."

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

  • Closed sales are up 4.52 percent (5,554 units in 2019 versus 5,314 in 2018);
  • Closed sales volume is up 4.26 percent ($1,006,451,448 in 2019 versus $965,367,810 in 2018);
  • Average sale price is down 0.25 percent ($181,212 in 2019 versus $181,665 in 2018); and
  • Home listings are up 2.28 percent (8,650 units in 2019 versus 8,457 in 2018).

"In comparison to other areas in the country, our region is extremely affordable for first-time home buyers," said Hackett. "Pittsburgh is a safe, fun city with a strong economy, and it continues to attract young people."

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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