Housing Market

Dan Moyle / Flickr

  Southwestern Pennsylvania experienced a summer surge in home listings this year, according to a report by West Penn Multi-List, Inc.

More homes in the Pittsburgh area were purchased in June compared to a year ago. They sold more quickly and at a higher price, according to a report from the West Penn Multi-List, which tracks the housing market.

The average sale price was about $200,000 and the homes were on the market for an average of 112 days — 35 fewer than this time last year. The number of homes put up for sale in June increased by 3.6 percent last month compared to June 2014.

  The housing market made up for the rocky start for the Western Pennsylvania region in 2014, according to a year-end report.

West-Penn Multi-List, Inc. says the 13-county area’s home sale prices from January-December 2014 increased by 3 percent ($5,093) from the same period in 2013. New listings also increased by 1.5 percent (570 listings) this past year.

AP Photo/Gene J. Puskar

The housing market in the 13-county Pittsburgh region is showing “steady progress’ going into 2015, according to Tom Hosack, president of the West Penn Multi-List.

“We project the market will be up, probably the high single digits (percentage increase) and we think that steady increase is exactly what we need. When things jump at some point you have to pay the piper. So we want just steady growth,” Hosack says, not volatility.

After a particularly rough winter, the real estate market in southwestern Pennsylvania began to heat up this summer, and according to a September report from the West Penn Multi-List, Inc., the numbers are continuing to strengthen.

The number of new home listings in September (3,327) increased 8.83 percent in comparison to the number from September 2013. Residential homes placed under agreement and average home sale price also increased, a sign that houses are moving and the market is healthy.

As the housing market continues to rebound after the 2008 recession, some Pennsylvanian residents are still in need of affordable housing.

Currently in Pennsylvania there is a shortage of about 268,000 affordable housing units, according to Liz Hersh, Executive Director of the Housing Alliance of Pennsylvania.

Flickr user josepha

Pittsburgh has one of the most stable housing markets in the country, according to a new report.

The study, conducted by Zillow Real Estate on behalf of Bloomberg.com, listed Pittsburgh as having the second most stable housing market behind Buffalo. Louisville, Nashville and Raleigh rounded out the top five.

Analyzing housing prices from 1979 to the present, Zillow and Bloomberg used a five year rolling average to calculate changes in home prices to establish a risk of loss percentage.

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.

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.

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.

Pittsburgh Housing Market Continues Upward Trend

Sep 12, 2013

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.

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.

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. 

"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.”