Home/Mortgages/Home Sales in Ohio Jump in May

July 13, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos jumped by over twenty percent in Ohio during May while total sales for the year are thirteen percent ahead of last year’s pace according to the latest housing data from the Ohio Association of Realtors® (OAR).

An estimated total of 11,018 existing single-family homes and condos were sold in the Buckeye State in May. That was 21.1 percent higher than the 9,099 homes sold in April and 19.0 percent higher than the 9,258 homes sold in May 2011. It was the 11th consecutive month that year-over-year homes sales have improved.

The average sales price for an existing home in Ohio increased by 4.2 percent in May to $135,450, up from $130,003 in April, and was 2.6 percent higher than the average price of $131,895 in May of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “Our market appears to be establishing a very solid foundation following the downturn we experienced as a result of the onset of the economic collapse of 2008. Our recent trend‐line has been very encouraging and the industry remains cautiously optimistic that we’re making strides toward having a sustainable, growing marketplace going forward.”

Of the 20 local boards that provided data for the monthly report, seventeen of the boards reported sales gains or were unchanged from the previous year with the Greater Portsmouth Board (+64.5 percent) reporting the largest increase while the Ashland Board (-34.5 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 3,528 home sales, up from 2,648 a year ago, while Columbus followed with an estimated 2,070 home sales for the month, up from 1,875 in May of 2011.

Year-over-year, eleven of the local boards posted an increase in their median prices led by the Mansfield Board (+43.1 percent) with the Lancaster Board (-17.0 percent) posting the largest decline in prices.

Through the end of May, home sales are 13.3 percent ahead of last year’s sales at the same time.

“We remain extremely 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