The housing market in Western Pennsylvania is heating up
The housing market in Western Pennsylvania continued to heat up and homes were selling faster compared to this time last year, according to the latest residential real estate report from West Penn Multi-List.
The real estate brokerage said that closed sales, sales volume, and home listings have climbed from the area’s record last year.
"With interest rates down to almost 4%, buyers are getting more house for the money or lower monthly mortgage payments than they would have gotten just four months ago when rates were close to 5%," said West Penn Multi-List President George Hackett. "Competition is fierce and receiving multiple offers on a house has become the norm for sellers."
When comparing January-March 2019 with the same time period in 2018:
- Closed sales rose 4.52% to 5,554 units in 2019 from 5,314 in 2018;
- Closed sales volume climbed 4.26% to $1,006,451,448 in 2019 from $965,367,810 in 2018;
- Average sale price decreased 0.25% to $181,212 in 2019 from $181,665 in 2018; and
- Home listings increased 2.28% to 8,650 units in 2019 from 8,457 in 2018.
"In comparison to other areas in the country, our region is extremely affordable for first-time home buyers," said Hackett. "Pittsburgh is a safe, fun city with a strong economy, and it continues to attract young people."
