Southwestern Pennsylvania Home Contracts Up 21 Percent in July

PITTSBURGH, Aug. 7, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports increases in homes under agreement, average home sale price and new listings in July 2012 versus July 2011.

In the 13-county region served by the West Penn Multi-List, Inc. the number of residential homes placed under agreement increased 21.31 percent (3,718 homes versus 3,065) in July 2012 versus July 2011.  Average home sale price also saw a double-digit increase: 11.93 percent ($192,505 versus $171,995), and the area also saw a slight increase in new listings by 1.68 percent (3,505 versus 3,447).

"We're extremely pleased that all residential real estate indicators are pointing in a positive direction," said Ron Croushore, current president of the West Penn Multi-List, Inc., and president/owner of Prudential Preferred Realty in Pittsburgh. "While we're happy to see a modest improvement in homes listed for sale, we'd like the number of homes listed to increase more significantly, since the hot sales market is causing the inventory of available homes for sale to shrink."    

For the first seven months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements also in the number of homes placed under agreement, average sale price and new listings. The number of homes placed under agreement increased 14.45 percent (23,245 homes versus 20,311); average home sale price increased 7.25 percent ($169,154 versus $157,727); and new listings increased 1.50 percent (23,476 homes versus 23,128).

"The Southwestern Pennsylvania housing market has been an anomaly compared to most of the rest of the country," Croushore said. "We're fortunate that our market not only has been stable, but also growing, during this challenging economic time.  We expect that the market will continue to remain active this fall."

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.