Home Sales in Ohio Continue to Improve in April

June 7, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos still continued to improve in Ohio during April even after March’s 30 percent surge according to the latest housing data from the Ohio Association of Realtors® (OAR). It was the tenth consecutive month that annual home sales have improved in the state.

An estimated total of 9,099 existing single-family homes and condos were sold in the Buckeye State in April. That was 4.4 percent higher than the 8,712 homes sold in March and 8.1 percent higher than the 8,420 homes sold in April 2011. It was the tenth consecutive month that year-over-year homes sales have improved.

The average sales price for an existing home in Ohio increased by 4.8 percent in April to $130,003, up from $124,088 in March, and was 5.0 percent higher than the average price of $123,544 in April of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “Strong activity in April continued to help push the Ohio real estate marketplace forward on its road to recovery, following the downturn that resulted from the economic collapse of 2008. We’re extremely hopeful that achieving 10 consecutive months of sales growth is an indication that growth within Ohio’s housing market is sustainable and that we have built a pretty solid foundation for current and future homeowners.”

Of the 20 local boards that provided data for the monthly report, fourteen of the boards reported sales gains or were unchanged from the previous year with the Tri-State Board (+37.7 percent) reporting the largest increase while Lancaster (-35.9 percent) posted the largest year-over-year decline in sales.

The NEOHREX (Northeast Ohio Real Estate Exchange) recorded the most sales for the month with an estimated 2,880 home sales, up from 2,600 a year ago, while Columbus followed with an estimated 1,728 home sales for the month, up from 1,620 in April of 2011.

Year-over-year, fourteen of the local boards posted an increase in their median prices led by the Tri-State Board (+39.7 percent) with Firelands (-10.8 percent) posting the largest decline in prices.

“We remain confident about the Ohio marketplace – as interest rates remain at historic low levels, prices have begun to trend upward, sellers are realistic in their pricing expectations and consumers understand that long‐term, owning a home is a tremendous investment.” Miller added.

Tags: existing homes, condos, sales, median home prices, Ohio

Source:
OAR