Survey: Regional housing market stays hot in June
PITTSBURGH – A real estate organization that tracks residential sales activity in 13 Southwestern Pennsylvania counties Wednesday reported an increse in most of its indicators for June as well as for the first six months of 2014.
According to the June 2014 residential real estate report from the West Penn Multi-List, Inc., homes for sale are spending less time on the market, as average home prices in the region continue to move upward.
“We are finally starting to replenish our inventory of houses for sale in the area,” said George Hackett, president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. “There has been a demand for houses, but we just haven’t had an increase in new listings this year until now.”
A comparison of June 2013 to June 2014 data shows:
• New listings increased 10.32 percent (3,742 homes in June 2013 versus 4,128 in June 2014);
• Residential homes placed under agreement increased 8.14 percent (3,880 homes in June 2013 versus 4,196 in June 2014);
• Average home sale price increased 0.63 percent ($186,627 in June 2013 versus $187,806 in June 2014); and
• Average number of days on the market decreased 1.25 percent (80 days in June 2013 versus 79 days in June 2014).
“It’s encouraging to see new listings increased in 12 out of the 13 counties serviced by the West Penn Multi-List, Inc.,” Hackett continued. “People are buying what’s out there, so having additional houses on the market will afford home-seekers more options.”
When comparing January to June 2014 data with the same time period in 2013:
• New listings decreased 0.74 percent (20,248 homes versus 20,098);
• Residential homes placed under agreement decreased 1.14 percent (20,484 homes versus 20,250);
• Average home sale price increased 1.21 percent ($167,155 to $169,181); and
• Average number of days on the market decreased 3.19 percent (94 versus 91 days).
The numbers in this report represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana counties.