PITTSBURGH, June 24, 2016 /PRNewswire/ -- According to the West Penn Multi-List, Inc. and its monthly residential real estate report, the market is ripe for buying or selling a house. Compared with May 2015, the number of houses on the market (inventory) remained at a healthy level; the number of closed sales has increased; and the average sales price of homes has risen.
"Sellers and buyers alike are in a good position to enter the residential real estate market at this time," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh. "With inventory levels, prices and mortgage rates where they currently are, the right combination exists for buying or selling a home."
A comparison of May 2016 and May 2015 data shows:
- Closed sales increased 8.17 percent (2,715 in May 2016 versus 2,510 in May 2015);
- Average sales price increased 2.26 percent ($184,549 in May 2016 versus $180,475 in May 2015); and
- Months' supply of inventory was seven months in May 2016 and seven months in May 2015.
We expect to see continued high-sales activity over the coming weeks, partially because the buyers who want to be in their new homes before the start of the school year will be either closing on homes already under agreement or quickly going under agreement if they can arrange a short period to closing," said Croushore.
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
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SOURCE West Penn Multi-List, Inc.