PITTSBURGH, July 15, 2013 /PRNewswire/ -- The residential real estate market saw improvement in several key indicators in June, including a double-digit increase in homes placed under agreement, according to the June Southwestern Pennsylvania residential real estate report from the West Penn Multi-List, Inc.
A comparison of June 2012 to June 2013 data for the 13-county region the West Penn Multi-List serves shows new listings increased 4.29 percent (3,588 homes versus 3,742), and residential homes placed under agreement increased 17.03 percent (3,629 homes versus 4,247). For the same time period, average home sale price increased 2.38 percent ($182,119 to $186,457), and average days on market decreased 9.09 percent (88 versus 80 days).
"The housing market is hot in Southwestern Pennsylvania," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "The consistent increase of homes placed under agreement lays claim to a healthy economic indicator for the residential real estate market. While we would like to see listings keep pace, we are encouraged to see another increase in homes listed for sale in June."
When comparing January – June 2012 data with the same time period in 2013, new listings increased 1.40 percent (19,969 homes versus 20,248), and residential homes placed under agreement increased 9.91 percent (19,230 homes versus 21,136). For the same time period, average home sale price increased 1.78 percent ($164,197 to $167,114), and average days on market decreased 7.84 percent (102 versus 94 days).
"We're half-way through 2013 and are enjoying a nearly 10 percent increase in homes placed under agreement," Hackett said. "With all indicators pointing in the right direction, we look forward to a strong finish of the year too."
These numbers 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.
CONTACT: Kristen Laney O'Toole
SOURCE West Penn Multi-List, Inc.