Housing Market Continues Steady Climb in 2016

PITTSBURGH, Nov. 28, 2016 /PRNewswire/ -- As the year is winding down and the holiday season is gearing up, the housing market continues to show strong activity, according to the West Penn Multi-List, Inc. and its monthly residential real estate report.  

"The leaves are falling, but the housing prices in our region are not," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "All indicators are showing that residential real estate will finish strong this year. "

When comparing January-October 2016 with the same time period in 2015:

• Closed sales are up 1.46 percent (21,175 units in 2016 versus 20,870 in 2015);
• Closed sales volume is up 1.89 percent ($3,911,535,748 in 2016 versus $3,838,922,057 in 2015);
• Average sales price is up 2.38 percent ($180,843 in 2016 versus $176,645 in 2015); and
• New listings are up 0.20 percent (32,214 units in 2016 versus 32,150 in 2015).

"If we can keep our inventory of homes for sale at a healthy level, the market will be positioned well in the months to come," 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[email protected]  412-327-2907

Maegen Laney Noble [email protected] 904-451-2644

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SOURCE West Penn Multi-List, Inc.