PITTSBURGH, Jan. 21, 2016 /PRNewswire/ -- In 2015, residential real estate thrived on a national level, and according to the fourth quarter 2015 residential real estate report from West Penn Multi-List, Inc., the market in western Pennsylvania followed suit. 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 foreseeable future.
"Healthy housing inventory levels and affordability remain key factors for continued optimism," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO 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 our 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."
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – 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/.
CONTACT: Kristen Laney O'Toole
Maegen Laney Noble
SOURCE West Penn Multi-List, Inc.