PITTSBURGH, Oct. 26, 2015 /PRNewswire/ -- All factors point to a reliable real estate market, according to the Q3 2015 residential real estate report from West Penn Multi-List, Inc. The report notes that the job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up, and there has been good news in new household formation.
"With positive economic news coming from many angles, there are no imminent factors for which to prepare, beyond the typical seasonal drop off," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh. "From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years."
When comparing July-September 2015 (Q3) key metrics with the same time period in 2014:
- New listings increased 8.8 percent to 11,776;
- Closed sales increased 8.2 percent to 7,996;
- Inventory levels grew 1.1 percent to 18,784 units;
- Average sales price increased 1.7 percent to $186,546;
- Number of days on the market decreased 2.8 percent to 70 days; and
- Months' supply of inventory was down 1.1 percent to 8.8 months.
"The one thing we were anticipating in the third quarter, an increase in interest rates, did not happen, but it most likely will in the fourth quarter," continued Croushore. "Until then, get out and enjoy the season."
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.