Southwestern Pennsylvania Home Prices and Sales Sizzle, Inventory Lags in June

PITTSBURGH, July 5, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports a double-digit increase in both homes under agreement and average home sale price in June 2012 versus June 2011, yet inventory (homes for sale) continues to lag.

In the 13-county region served by the West Penn Multi-List, Inc. the number of residential homes placed under agreement increased 18.56 percent (3,955 homes versus 3,336) in June 2012 versus June 2011, while average home sale price increased 12.97 percent ($194,500 versus $172,177). The number of new listings decreased 6.17 percent (3,589 versus 3,825).

"With historically low interest rates and increasing consumer confidence, the Southwestern Pennsylvania real estate market is hot," said Ron Croushore, current president of the West Penn Multi-List, Inc., and president/owner of Prudential Preferred Realty in Pittsburgh. "However, we are seeing a shortage of homes for sale in all price ranges in our region."

Croushore continued:  "Homes for sale aren't lasting long on the market, and with a new school year quickly approaching, we can anticipate homes for sale will continue to sell briskly over the next two months. It's a great time to sell a home in Southwestern Pennsylvania."

Additionally, for the first six months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements in the number of homes placed under agreement, new listings and average sale price. The number of homes placed under agreement increased 14.99 percent (19,832 homes versus 17,246); new listings increased 1.48 percent (19,972 homes versus 19,681); and average home sale price increased 7.97 percent ($167,083 versus $154,748).

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
kristenlaney@hotmail.com
412-327-2907

SOURCE West Penn Multi-List, Inc.

RELATED LINKS
http://www.westpennmls.com