Pittsburgh's residential real estate market continued at a torrid pace in November.
There were 2,646 homes placed under sales agreement in the Pittsburgh region, a 9.11 percent increase compared to November 2011, according to data released Wednesday by West Penn Multi-List. Average home sale prices up are up 7.8 percent to $157,050 compared to a year ago and homes are on the market five days fewer -- 89 days -- than they were in November 2011. Home listings are down 1.1 percent to 1,123.
That's continued a trend for all of 2012, where homes placed under agreement are up 10.8 percent and average home price is up 5.7 percent to $166,012.
"Buyers are taking advantage of more than appealing interest rates, and sellers are benefiting from the active market, smaller than normal inventory of homes for sale and increasing average sale prices," Barbara Kohl, executive vice president of the West Penn Multi-List Inc, said in a prepared statement. "With fewer homes listed for sale, buyers are moving quickly to make offers on homes that are priced right."
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