PITTSBURGH, Dec. 12, 2016 /PRNewswire/ -- Residential real estate professionals should be prepared for a happy holiday based on the latest data from the West Penn Multi-List, Inc. and its monthly residential real estate report.
"Buyers continue to take advantage of low interest rates," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "Even during the holiday season, houses are going under contract, and sales have increased from last year. "
When comparing January-November 2016 with the same time period in 2015:
- Closed sales are up 4.70 percent (25,831 units in 2016 versus 24,671 in 2015);
- Closed sales volume is up 3.02 percent ($4,307,319,028 in 2016 versus $4,180,943,737 in 2015);
- Average sales price is up 2.12 percent ($179,858 in 2016 versus $176,117 in 2015); and
- New listings are up 0.58 percent (35,508 units in 2016 versus 35,302 in 2015).
"Buying a home continues to be more economical than renting, so if you're interested in owning, talk with a local real estate professional," Croushore said.
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.