Area housing market closes strong in ’16
PITTSBURGH – West Penn MultiList Inc., an organization that tracks residential real estate sales in 17 Western Pennsylvania counties said the region’s housing market had a strong year in 2016.
“Buyers continue to take advantage of low interest rates,” said Ron Croushore, current president of West Penn Multi-List and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh.
“Even during the holiday season, houses are going under contract, and sales have increased from last year. “
When comparing January-November 2016 with the same time period in 2015:
• Closed sales are up 4.70 percent (25,831 units in 2016 versus 24,671 in 2015);
• Closed sales volume is up 3.02 percent ($4,307,319,028 in 2016 versus $4,180,943,737 in 2015);
• Average sales price is up 2.12 percent ($179,858 in 2016 versus $176,117 in 2015); and
• New listings are up 0.58 percent (35,508 units in 2016 versus 35,302 in 2015).
“Buying a home continues to be more economical than renting, so if you’re interested in owning, talk with a local real estate professional,” Croushore said.
West Penn MultiList tracks residential sales in the following counties: 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/.