Southwestern Pennsylvania Housing Market Shows Solid Growth
The housing market in southwestern Pennsylvania was more robust this July than it was one year prior.
A report from the West Penn Multi-List compared July 2011 with July 2012. This year, 21 percent more homes were sold and the average home sale price increased by nearly 12 percent in thirteen counties of southwestern Pennsylvania.
However, WPML President Ron Croushore said the number of houses put on the market for sale increased only slightly over last July.
"That's really what we are in need of in southwestern PA, is people putting their homes on the market for sale," said Croushore, who's also President of Prudential Preferred Realty. "Everyone kind of has this flavor that homes are not being sold, and if they are, they're not being sold at an increased price, but every month the average sale price is going up."
Croushore said the Pittsburgh region has been "blessed" to avoid the wild fluctuations experienced recently by other housing markets. He said he expects steady growth to continue as long as the region can keep its interest rates lower than average, at around 3.5 percent.
"I predict that this year, it's going to be more active, a little bit more confidence, and I think people are going to continue to buy," said Croushore. "I think it's going to be good in the third and fourth quarters as we move forward here with the interest rates."
The West Penn Multi List compiles real estate data from several brokers and agents operating in southwestern Pennsylvania. The area in question includes Allegheny, Armstrong, Beaver, Butler, Clarion, Fayette, Greene, Lawrence, Mercer, Somerset, Washington, and Westmoreland Counties.