Southwestern Pennsylvania Home Contracts, Average Price Increase in September

PITTSBURGH, Oct. 25, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports increases in homes under agreement and average home sale price in September 2012 versus September 2011.

In the 13-county region served by the West Penn Multi-List, Inc., the number of residential homes placed under agreement increased 13.24 percent (3,028 homes versus 2,674) in September 2012 versus September 2011.  Average home sale price increased 8.18 percent ($167,278 versus $154,623), while the number of homes listed for sale (new listings) decreased by 1.98 percent (2,867 homes versus 2,925).

"We saw continued improvement in demand for homes last month, as we enjoyed another month of double-digit increases in the number of homes that were placed under sales agreement, yet the supply of homes listed for sale continues to remain relatively steady," said Ron Croushore, president of the West Penn Multi-List, Inc., and CEO of Prudential Preferred Realty in Pittsburgh. "With historically low mortgage rates, a more favorable lending climate and increasing home sale prices, it's a good time to buy or sell a home in our area."

For the first nine 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 11.37 percent (29,226 homes versus 26,243); average home sale price increased 5.54 percent ($167,364 versus $158,580); and new listings increased less than one percent (0.95 percent or 29,765 homes versus 29,485).

"Southwestern Pennsylvania is not seeing the foreclosures and negative equity that much of the rest of the country endures," Croushore said. "Based on current performance, I'm encouraged that the residential real estate market will remain strong through the remainder of the year and into 2013."

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.



RELATED LINKS
http://www.westpennmls.com

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