PITTSBURGH, March 18, 2016 /PRNewswire/ -- West Penn Multi-List, Inc. has issued its monthly residential real estate report, and February brought good news for potential homebuyers. The number of new listings entering the marketplace in February 2016 is up from February 2015, and the average sales price of homes has not increased.
"With prices and mortgage rates remaining low, first-time homebuyers are in an ideal position to purchase a home," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh.
A comparison of February 2016 and February 2015 data shows:
- New listings increased 22.5 percent (2,888 in February 2016 versus 2,358 in February 2015);
- Closed sales decreased 0.4 percent (1,421 in February 2016 versus 1,426 in February 2015);
- Average sales price decreased 5.5 percent ($156,000 in February 2016 versus $165,000 in February 2015); and
- Months' supply of inventory was eight months in February 2016 versus 13 months in February 2015.
"Now that supply and demand are back in balance at the optimal eight-months inventory level, homebuyers have more options from which to choose," said Croushore.
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.