Weather chills housing market
PITTSBURGH – February made the housing market shiver in Southwestern Pennsylvania.
West Penn Multi-List Inc. said its February residential real estate report showed most major indicators dipped last month compared with February 2013. They included a 12.49 decrease in listings of new homes, according to figures reported in a news release Monday.
“The extreme winter conditions that we’ve been experiencing have certainly chilled the housing market,” said George Hackett, president of West Penn Multi-List Inc. and Coldwell Banker Real Estate Services, Pittsburgh.
He said the decline in new listings is “one that we need to continue to watch, as a reduction in homes for sale has been an ongoing issue in this area.”
West Penn compiles real estate information in 13 counties, including Washington and Greene. Its region also comprises Allegheny, Armstrong, Beaver, Butler, Clarion, Fayette, Indiana, Lawrence, Mercer, Somerset and Westmoreland.
The major year-over-year dropoffs reported were:
n New listings, from 2,555 homes to 2,236;
n Residential homes placed under agreement, 3.94 percent(2,841 to 2,729);
n Average sales price, 0.35 percent ($149,592 to $149,074);
One positive indicator was the average number of days a house was on the market. That figure decreased 2.97 percent (101 days to 98).
“Spring will come eventually in our region,” Hackett said, “and when it does, we anticipate a busy season.”