Multi-List reports positive housing indicators for area
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PITTSBURGH – New home listings, contracts and sales prices climbed six consecutive months in Southwestern Pennsylvania, according to a news release Tuesday from West Penn Multi-List Inc.
The Pittsburgh-based real estate organization had another positive nugget in its October report: a drop in the number of days a home is on the market.
West Penn Multi-List tracks residential sales activity in 13 counties – Washington, Greene, Fayette, Allegheny, Armstrong, Beaver, Butler, Clarion, Indiana, Lawrence, Mercer, Somerset and Westmoreland.
“We have been consistent over these past six months, which keeps us optimistic for the future,” said Tom Hosack, president of the Multi-List Inc. and president/chief executive officer of Northwood Realty Services in Pittsburgh.
October 2013 figures compared with last month’s show:
• New listings up 3.10 percent (3,189 to 3,288);
• Residential homes placed under agreement rose 3.70 percent (3,191 to 3,309);
• Average home sales price jumped 4.81 percent ($157,454 to $165,022);
• Average number of days on the market dropped 3.80 percent (79 to 76).
“While these key indicators show the housing market is healthy, we still need to continue to replenish our inventory of homes throughout the remainder of the year,” continued Hosack. “And hopefully winter doesn’t hit us as hard as it did last year.”
A comparison of the January to October period for each year shows:
• New listings increased 0.87 percent (30,649 to 30,916);
• Residential homes placed under agreement fell 2.17 percent (30,933 to 30,261);
• Average home sales price rose 1.68 percent ($171,708 to $174,586);
• Average number of days on the market dropped 4.60 percent (87 to 83).