It continues to be arrows upward for the residential real estate industry in Western Pennsylvania.

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

That was the second 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 May, compared with the same time period in 2018, show:

  • Closed sales were up 4.32 percent (11,053 units in 2019 versus 10,595 in 2018);
  • Closed sales volume was up 5.76 percent ($2,088,276,449 versus $1,974,484,200);
  • Average sale price was up 1.38 percent ($188,933 versus $186,360);
  • Home listings were up 1.77 percent (17,117 units versus 16,819).

George Hackett, president of the Multi-List and of Coldwell Banker Real Estate Services, Pittsburgh, said the region’s virtues – including “world-class universities, hospitals and technology firms” – are enticing to would-be buyers.

But, he added in a prepared statement: “the big difference is price point. Pittsburgh remains affordable, accessible and highly livable, so it’s attracting young professionals from near and far.”

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.

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