The average November home sale price jumped 7.83% year-over-year, reaching $157,050 in the 13-county area served by the West Penn Multi-List in November. This compares to an average sales price of $145,641 last November.

The number of residential homes placed under agreement rose 9.11% to 2,646 in November, while the number of new listings for sale dropped 1.12% to 2,123 homes.

Additionally, the average number of days on the market fell from 94 days last November to 89 days in 2012.

"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," said Barbara Kohl, executive vice president of the West Penn Multi-List. "With fewer homes listed for sale, buyers are moving quickly to make offers on homes that are priced right."

The 13-county region serviced by West Penn Multi-List includes Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties.

"It's a great time to buy or sell a home in Southwestern Pennsylvania," Kohl said. "Based on our area's positive momentum and the improvement of the housing market nationally, we anticipate the residential real estate market in our area to continue to grow in 2013."