Sep 21, 2015 2 min read

PITTSBURGH – West Penn Multi-List said Monday all major indicators rose for three consecutive months, creating a powerful summer surge in residential real estate sales.

The organization, which tracks residential real estate sales in 17 Southwestern Pennsylvania counties, including Washington and Greene, said the most significant growth this summer was average listing price, which peaked in July.

“Typically, families with school-age children prefer settling into a new home prior to the start of the school year, so they make up a good portion of homeseekers in the summer months,” said Tom Hosack, president of West Penn Multi-List, Inc., and president and CEO of Northwood Realty Services in Pittsburgh.

“Don’t discount a late summer/early fall move, though, because you can find great deals on the market now,” he added.

A comparison of August 2014 and August 2015 data shows:

• New listings increased 9.91 percent (3,935 properties in August 2014 versus 4,368 in August 2015);

• Average listing price increased 12.39 percent ($191,000 in August 2014 versus $218,000 in August 2015);

• The total number of units that closed sale during the month increased 4.47 percent (2,563 in August 2014 versus 2,683 in August 2015); and,

• The sum of prices for all residential properties that closed during the month increased 6.69 percent ($472.6 million in August 2014 versus $506.5 million in August 2015).

“Real estate professionals are encouraged by recent activity and the growth we’ve seen compared to last year at this time,” said Hosack. “We’re hopeful this momentum carries through to fall.”