The residential real estate outlook in Western Pennsylvania is even brighter.

West Penn Multi-List Inc. issued its August report Tuesday, stating that closed sales, sales volume, average sales price and home listings for January through July have increased from the same seven-month period of 2018.

That was the fourth consecutive monthly report in which all four indicators were positive.

Multi-List tracks residential information for 17 counties – Fayette, Greene, Washington, Westmoreland, Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Indiana, Jefferson, Lawrence, Mercer, Somerset and Venango.

Figures from January through July, compared with the same time period in 2018, show:

  • Closed sales were up 3.59% (17,293 units in 2019 versus 16,694 in 2018);
  • Closed sales volume was up 8.01% ($3,419,362,183 versus $3,165,833,466);
  • Average sale price was up 4.27% ($197,731 versus $189,639);
  • Home listings were up 0.74 percent (25,242 units versus 25,056).

“Closed sales volume is up significantly and low interest rates are bringing buyers back into the market,” said George Hackett, president of the Multi-List and of Coldwell Banker Real Estate Services in Pittsburgh.

“In an affordable real estate market like Pittsburgh, we need to keep the supply of homes replenished because the demand is there.”

Business Writer

Rick Shrum joined the Observer-Reporter as a reporter in 2012, after serving as a section editor, sports reporter and copy editor at the Pittsburgh Post-Gazette. Rick has won eight individual writing awards, including two Golden Quills.

See what people are talking about at The Community Table!

Thank you for reading!

Please log in, or sign up for a new account and purchase a subscription to read or post comments.