According to the West Penn Multi-List, Inc. and its residential real estate report, all major sales indicators were on the rise for the first half of 2016.
"The first half of this year has brought good news for residential real estate, and we're optimistic for the second half of 2016," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway Home Services The Preferred Realty, Pittsburgh.
When comparing January-June 2016 with the same time period in 2015:
- Closed sales increased 5.80 percent (10,877 units in 2016 versus 10,281 in 2015);
- Closed sales volume increased 5.62 percent ($2,644,087,064 in 2016 versus $2,503,514,592 in 2015);
- Average sales price increased 0.31 percent ($187,345 in 2016 versus $186,766 in 2015); and
- New listings increased 3.32 percent (21,877 in 2016 versus 21,173 in 2015).
"We continue to experience favorable market conditions for both sellers and buyers this summer," said Croushore. "Interest rates remain low and homes are selling quickly due to low inventory levels. If you're considering entering the market, contact a licensed real estate professional who will help you get started."
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 Westmorelandcounties. For more information, visit http://www.westpennmls.com/.
