Jun 12, 2014 2 min read

PITTSBURGH – Statistics indicate the housing market in Southwestern Pennsylvania is on a definitive upswing, fueling speculation sales prices will continue to rise.

West Penn Multi-List, Inc., posted results from its May 2014 residential real estate report Thursday, and the numbers show positive trends in four major indicators. From May 2013 to May 2014:

• New listings increased 1.16 percent (4,145 homes to 4,193);

• Residential homes placed under agreement rose 5.09 percent (4,024 to 4,229);

• Average sales price went up 2.4 percent ($170,776 to $174,882);

• Average number of days on the market decreased 1.10 percent (91 to 90).

George Hackett, president of West Penn Multi-List and Coldwell Banker Real Estate Services in Pittsburgh, said this is a good time to buy.

“With the low interest rate on mortgages and the decreasing number of days houses are on the market, you should move quickly if you’re contemplating buying a home,” he said. “If you see something you like, you should pursue it while it’s still available and priced appropriately.

“I am hopeful summer will bring additional homes for sale. Having more houses on the market will not only afford home-seekers more options, but also potentially lower the average sale price.”

West Penn Multi-List serves 13 counties: Washington, Greene, Allegheny, Armstrong, Beaver, Butler, Clarion, Fayette, Indiana, Lawrence, Mercer, Somerset and Westmoreland.

Statistics for January through May 2014 compared with the same period of 2013 were slightly different, likely because of the frigid winter:

When comparing January – May 2014 data with the same time period in 2013:

• New listings dropped 3.25 percent (16,506to 15,970);

• Residential homes placed under agreement decreased 1.08 percent (16,604 to 16,425);

• Average days on the market declined 3.06 percent (98 to 95);

• Average sales price increased 1.24 percent ($161,502 to $163,512).