Home sales in the region are increasing according to West Penn Multi-List, Inc. and its monthly residential real estate report.
"We are selling more houses and at a somewhat higher price compared to last year," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "At this half-way point in the year, the market is stable, and sales continue to be strong."
When comparing January-June 2017 with the same time period in 2016:
- Closed sales are up 3.24 percent (13,682 units in 2017 versus 13,252 in 2016);
- Closed sales volume is up 5.34 percent ($2,441,128,758 in 2017 versus $2,317,284,476 in 2016);
- Average sale price is up 2.03 percent ($178,419 in 2017 versus $174,863 in 2016); and
- Home listings are down 0.28 percent (18,433 units in 2017 versus 18,485 in 2016).
"The current challenge is replenishing the number of homes for sale quickly enough to keep up with buyers' demand," said Croushore.
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/.