Western Pa. real estate is on an upward curve, according to West Penn Multi-List, Inc. and its monthly residential real estate report. For the fourth consecutive month, and compared to the same period of January through July last year, closed sales, sales volume, average sales price and home listings have all increased.
"We have been on a good run most of this year with all key indicators on the rise," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Pittsburgh boasts an active real estate market with plenty of opportunities for both first-time and experienced home buyers."
When comparing January-July 2019 with the same time period in 2018:
- Closed sales are up 3.59 percent (17,293 units in 2019 versus 16,694 in 2018);
- Closed sales volume is up 8.01 percent ($3,419,362,183 in 2019 versus $3,165,833,466 in 2018);
- Average sales price is up 4.27 percent ($197,731 in 2019 versus $189,639 in 2018); and
- Home listings are up 0.74 percent (25,242 units in 2019 versus 25,056 in 2018).
"Closed sales volume is up significantly and low interest rates are bringing buyers back into the market," said Hackett. "In an affordable real estate market like Pittsburgh, we need to keep the supply of homes replenished because the demand is there."
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/.
