Southwestern Pennsylvania Home Contracts, Average Home Price Increase in August

PITTSBURGH, Sept. 13, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports increases in homes under agreement and average home sale price in August 2012 versus August 2011.

In the 13-county region served by the West Penn Multi-List, Inc., the number of residential homes placed under agreement increased 11.72 percent (3,640 homes versus 3,258) in August 2012 versus August 2011.  Average home sale price increased 3.92 percent ($173,311 versus $166,777), and new listings decreased by less than one percent (0.17 percent or 3,426 homes versus 3,432).

"This summer was hot for residential real estate in our region," said Ron Croushore, current president of the West Penn Multi-List, Inc., and president/owner of Prudential Preferred Realty in Pittsburgh. "Southwestern Pennsylvanians' attitudes toward the housing market seem to be positive, which is proven by the region's strong home sales over the summer.  The region continues to need more homes listed for sale, so that homebuyers have ample options from which to choose."     

For the first eight months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements in all major indicators – the number of homes placed under agreement, average sale price and new listings. The number of homes placed under agreement increased 12.56 percent (26,529 homes versus 23,569); average home sale price increased 5.21 percent ($167,382 versus $159,098); and new listings increased 1.28 percent (26,901 homes versus 26,560).

"With more people moving into our region than leaving and the positive attention Pittsburgh has been getting on the national stage, we anticipate the momentum that we've seen in residential real estate to continue," Croushore said. "Interest rates are still very low, which should continue to entice people to enter the real estate market."     

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.

The West Penn Multi-List, Inc. is committed to providing the most innovative and cost-effective multiple-listing services to its broker subscribers. The West Penn Multi-List, Inc. provides state-of-the-art programs for the benefit of its brokers and their agents. These programs are offered to stay current with advancing technology and enhance the professionalism of the brokers and their agents, which results in unparalleled service to their customers. The West Penn Multi-List, Inc. strives to protect the integrity of the data while recognizing that the data is the exclusive property of the broker. For more information, visit www.westpennmls.com.

CONTACT: Kristen Laney
KLaney@laneycommunications.com 
412-327-2907

SOURCE West Penn Multi-List, Inc.

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http://www.westpennmls.com