Housing Market

Economy & Business
5:41 pm
Wed February 12, 2014

Buyers Outnumber Amount of Homes for Sale in Pittsburgh Region

The number of homes for sale in the 13-county southwestern Pennsylvania region is not keeping pace with the number of people looking to buy homes.

That’s according to a January 2014 report from real estate group West Penn Multi List Inc., which showed new listings in 12 of the 13 counties it covers decreased in the first month of the year.

President George Hacket said overall, the housing market in the region is strong.

Read more
Housing Market
3:30 am
Mon January 13, 2014

Pittsburgh Area Sees Strong Home Sales For 2nd Straight Year

Home sales in the Pittsburgh region jumped 7.2 percent last year compared to 2012. 

Barbara Kohl, chief operating officer of the West Penn Multi-List, said the numbers are “surprising” because the previous year also had “strong growth.”

“Everything clicked, consumer confidence came back, interest rates stayed low; the only problem is we don’t have enough inventory,” Kohl said.

Read more
Economy
4:13 pm
Thu November 14, 2013

Housing Market Continues to Strengthen in Pittsburgh Area

In addition to the increase in home listings, a new report from online residential real estate site Trulia shows Pittsburgh is one of the areas in the U.S. where home ownership is still within reach for the middle class.
Credit Flickr user mknobil

The housing market in southwestern Pennsylvania continues to strengthen, according to numbers released by West Penn Multi-List.

In October, the number of residential homes placed under agreement increased 15.07 percent; new listings increased 8.69 percent, and average days on the market decreased 4.82 percent over the previous month.

Read more
Housing
1:21 pm
Thu September 12, 2013

Pittsburgh Housing Market Continues Upward Trend

More homes sold in the Pittsburgh area last month than a year ago, and they were scooped up more quickly — at higher prices.

That’s according to the West Penn Multi-List which reports that in the 13-county region, 3,817 residential homes were sold last month, up 14.7 percent from August 2012. Those homes were on the market for 72 days compared to 82 days a year ago, and the average sales price rose 2.6 percent to nearly $178,000.

Read more
Economy
11:51 am
Wed August 7, 2013

Western Pennsylvania Housing Market Heats Up

The hot July temperatures this year reflected the sizzling housing market in Western Pennsylvania — with increases across the board.

According to the West Penn Multi-List Inc. residential real estate report, the number of homes under agreement during July this year was 4,104 compared to 3,392 homes in July 2012, an increase of over 20 percent.

George Hackett, President of the West Penn Multi-List Inc., said this is partly because of the improved economy.

Read more
Economy & Business
3:30 am
Mon July 22, 2013

It's Cheap to Buy a House in Pittsburgh, But Not a New One

A national survey shows the median home in the Pittsburgh region in 2011 was valued at $69,000, compared to $110,000 nationally. However, the study found the median price for a new home in the Pittsburgh region is slightly higher than the national median.
Credit Flickr user Casey Konstantín

It’s an often-repeated fact that Pittsburgh homes are cheaper to buy than those in the rest of the country, but a new study shows that does not hold true for new construction.

Every other year, the U.S Census Bureau and the U.S. Department of Housing and Urban Development (HUD) conduct a national survey measuring home prices, conditions, maintenance costs, and other relevant data. The survey also takes an in-depth look at 25 to 30 individual metro-areas on an ever-changing basis. 

Read more
Housing Market
3:30 am
Mon April 22, 2013

Southwestern PA Housing Market Best It’s Been in 4 Years

"For sale" signs are appearing and disappearing quickly from front lawns all over southwestern Pennsylvania.

That’s according to the March real estate report from West Penn Multi List Inc., which found it’s good to be a seller.

“It’s phenomenal,” said West Penn chief operating officer Barbara Kohl. “The situation right now is there just is not enough houses to sell. There are a tremendous amount of buyers out there, so what happened here locally is it went from a buyer’s market to a seller’s market very quickly.”

Read more