PITTSBURGH, May 22, 2019 /PRNewswire/ -- The real estate market in Western Pa. is on the upswing with all key indicators on the rise compared to last year at this time, according to West Penn Multi-List, Inc. and its monthly residential real estate report.
"The residential real estate conditions in Western Pa. are favorable, so investing in a home now is a safe move," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "With affordable housing prices, low interest rates and high demand for homes, buyers should feel confident the home they purchase now will retain its value."
When comparing January-April 2019 with the same time period in 2018:
- Closed sales are up 3.29 percent (8,010 units in 2019 versus 7,755 in 2018);
- Closed sales volume is up 3.80 percent ($1,479,086,550 in 2019 versus $1,424,880,435 in 2018);
- Average sale price is up 0.50 percent ($184,655 in 2019 versus $183,737 in 2018); and
- Home listings are up 1.76 percent (12,645 units in 2019 versus 12,426 in 2018).
"Making the move from renting a home to buying one is a big step, but homeowners should think positively that their mortgage payments are building equity and capital," said Hackett. "Our economy is strong and unemployment rates are as low as they've been in almost 50 years, so wages will likely be rising, too."
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: Maegen Laney Noble
SOURCE West Penn Multi-List, Inc.