PITTSBURGH, Nov. 19, 2015 /PRNewswire/ -- Autumn leaves aren't the only things falling this time of year. According to the October residential real estate report from West Penn Multi-List, Inc., homes in western Pennsylvania are selling quickly, and inventory levels are dropping.
"Interest rates remain low, so we continue to see an increase in closed sales, but the number of active listings is slowly starting to dwindle," 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 October 2015 and October 2014 data shows:
- New listings increased 3.3 percent (3,709 in October 2015 versus 3,587 in October 2014);
- Closed sales increased 4.6 percent (2,396 in October 2015 versus 2,285 in October 2014);
- Average sales price increased 7.3 percent ($176,000 in October 2015 versus $164,000 in October 2014); and
- Inventory levels decreased 28.9 percent (15,788 listings active in October 2015 versus 22,198 in October 2014).
"While these key indicators show the housing market remains healthy, we still need to continue to replenish our inventory of homes throughout the rest of the year," 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.