Residential Real Estate Heats Up this Summer

PITTSBURGH, July 31, 2019 /PRNewswire/ -- Just like summer temperatures in Western Pa., the real estate market is on the rise, according to West Penn Multi-List, Inc. and its monthly residential real estate report. For the third consecutive month, new contracts and home listings are up, as well as sales volume and the average price of homes.

"As we look at the first half of the year, the market is performing well," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "The conditions are favorable for both buyers and sellers, with no dramatic highs or lows in key indicators."

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

• Closed sales are up 2.35 percent (14,134 units in 2019 versus 13,810 in 2018);
• Closed sales volume is up 7.34 percent ($2,762,462,032 in 2019 versus $2,573,631,600 in 2018);
• Average sale price is up 4.88 percent ($195,448 in 2019 versus $186,360 in 2018); and
• Home listings are up 1.02 percent (21,251 units in 2019 versus 21,036 in 2018).

"Young people are looking at Pittsburgh because the majority of houses in our region are within reach for first-time home buyers," said Hackett. "Mortgage rates just hit their lowest point since 2016, and this trend is predicted to continue for the second half of the year."

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.