Pennsylvania Home Transactions, Prices Rise in June as Inventory Lags

Housing activity is going strong in Southwestern Pennsylvania, according to a report released by ""West Penn Multi-List, Inc."":http://www.westpennmls.com/index2.html, on Thursday.

[IMAGE]

In the 13-county region served by the company, the number of residential homes placed under agreement increase 18.56 percent year-over-year in June (from 3,336 in June 2011 to 3,955 this year). In addition, the average home sale price jumped up nearly 13 percent from $172,177 to $194,500.

[COLUMN_BREAK]

The downside to June's findings was a decrease in new listings, which fell 6.2 percent (from 3,825 to 3,589).

""With historically low interest rates and increasing consumer confidence, the Southwestern Pennsylvania real estate market is hot,"" said Ron Croushore, president of West Penn and president/owner of Prudential Preferred Realty in Pittsburgh. ""However, we are seeing a shortage of homes for sale in all price ranges in our region. Homes for sale aren't lasting long on the market, and with a new school year quickly approaching, we can anticipate homes for sale will continue to sell briskly over the next two months. It's a great time to sell a home in Southwestern Pennsylvania.""

In 2012 so far, West Penn has seen homes under agreement increase nearly 15 percent from the same period in 2011. Additionally, new listings increased 1.5 percent, and average home sale price increased almost 8 percent.

The West Penn Multi-List, Inc., provides multiple-listing services and programs to brokers and agents.