Western Pa. Housing Market Closes Strong in 2016

PITTSBURGH, Dec. 12, 2016 /PRNewswire/ -- Residential real estate professionals should be prepared for a happy holiday based on the latest data from the West Penn Multi-List, Inc. and its monthly residential real estate report.

"Buyers continue to take advantage of low interest rates," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "Even during the holiday season, houses are going under contract, and sales have increased from last year. "

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

• Closed sales are up 4.70 percent (25,831 units in 2016 versus 24,671 in 2015);
• Closed sales volume is up 3.02 percent ($4,307,319,028 in 2016 versus $4,180,943,737 in 2015);
• Average sales price is up 2.12 percent ($179,858 in 2016 versus $176,117 in 2015); and
• New listings are up 0.58 percent (35,508 units in 2016 versus 35,302 in 2015).

"Buying a home continues to be more economical than renting, so if you're interested in owning, talk with a local real estate professional," 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

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/western-pa-housing-market-closes-strong-in-2016-300376353.html

SOURCE West Penn Multi-List, Inc.