Housing Market Sizzles in July: Home Contracts Up by Nearly 21 Percent in Southwestern Pennsylvania

Aug 06, 2013, 10:13 ET from West Penn Multi-List, Inc.

PITTSBURGH, Aug. 6, 2013 /PRNewswire/ -- Residential real estate is hot this summer, according to the July Southwestern Pennsylvania residential real estate report from the West Penn Multi-List, Inc.  Homes under agreement, average sale price, average days on market and homes listed for sale all showed marked improvements versus July 2012.

A comparison of July 2012 to July 2013 data for the 13-county region the West Penn Multi-List serves shows new listings increased 8.02 percent (3,504 homes versus 3,785), and residential homes placed under agreement increased 20.99 percent (3,392 homes versus 4,104). For the same time period, average home sale price increased 5.31 percent ($176,507 to $185,886), and average days on market decreased 7.06 percent (85 versus 79 days).

"Historically, it appeared that many families were more inclined to move prior to the start of the new school year, so July was usually a very active month for homes placed under agreement," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "A nearly 21 percent jump in homes placed under agreement coupled with an 8 percent increase in new listings is notable. It points to the increased need for a greater supply of homes for sale in Southwestern Pennsylvania."  

When comparing January – July 2012 data with the same time period in 2013, new listings increased 2.39 percent (23,473 homes versus 24,033), and residential homes placed under agreement increased 9.87 percent (22,622 homes versus 24,854). For the same time period, average home sale price increased 2.54 percent ($166,364 to $170,591), and average days on market decreased 8.08 percent (99 versus 91 days).

"Currently, homes placed on the market for sale are being outpaced by homes going under agreement," Hackett said. "The tight supply is leading to higher home prices and homes that are selling faster. While this is not the case in most real estate markets in the country, having an adequate supply of homes for sale is our region's biggest challenge." 

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.

CONTACT: Kristen Laney O'Toole

SOURCE West Penn Multi-List, Inc.