Pittsburgh’s hot housing market is continuing in July.

Tim Schooley
Reporter- Pittsburgh Business Times

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The West Penn Multi-List reports that a hot sales month in June carried over into July for the 13 counties it serves in southwestern Pennsylvania.

The organization reports that the number the number of residential homes placed under agreement increased 21.31 percent, growing from 3,065 homes in July 2012 to 3,718 last month. The average sale price increased 11.93 percent, from $171,995 to $192,505.

The number of new homes to sell, as measured by listings, grew by 1.68 percent, a measure that’s of increasing concern to residential real estate professionals due to a diminishing supply.

While we’re happy to see a modest improvement in homes listed for sale, we’d like the number of homes listed to increase more significantly, since the hot sales market is causing the inventory of available homes for sale to shrink,” said Ron Croushore, current president of the West Penn Multi-List, Inc., and president/owner of Prudential Preferred Realty, in a prepared statement.

He sees all residential real estate indicators are pointing in a positive direction.

For the year, the West Penn Multi-List reports the number of homes placed under agreement increased 14.5 percent and has seen the average home sale price increase by 7.25 percent, reaching $169.154.

Tim Schooley covers retail, real estate, small business, hospitality, arts and entertainment, government and media. Contact him at tschooley@bizjournals.com or (412) 208-3826.