West Penn Multi-List sees strong housing market continuing in ‘16

PITTSBURGH — Home sales in Western Pennsylvania finished 2015 in strong fashion, closely following a similar national trend, according to a news release from West Penn Multi-List.
The report notes that a balanced market — where supply-and-demand is healthy and prices are stable — is anticipated for much of the country for the upcoming year.
“Healthy housing inventory levels and affordability remain key factors for continued optimism,” said Ron Croushore, president of West Penn Multi-List Inc., and owner and chief executive officer of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh.
“The December national short-term interest rate increases were no surprise, and more increases are expected in 2016, without significant anticipated impact on the real estate market.”
When comparing key metrics for the years 2015 vs. 2014 in the 17-county local market:
• New listings increased 6.3 percent;
• Closed sales increased 8.1 percent;
• Months’ supply of inventory stands at a healthy level of 8.2 months; and
• Average sales price increased 3.5 percent.
“Residential real estate is considered a healthy piece of our economy,” Croushore said. “Contributing factors from within the industry include better lending standards; foreclosures falling back to more traditional levels; and improved personal budgets resulting from declining unemployment, higher wages and lower fuel prices.”
West Penn Multi-List tracks residential real estate sales in 17 Western Pennsylvania counties, including Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland.