Home Sales Up for Eighth Consecutive Month in Ohio

April 5, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos in the state of Ohio improved for the eighth consecutive month in February according to the latest housing data from the Ohio Association of Realtors® (OAR).

An estimated total of 6,608 existing single-family homes and condos were sold in the Buckeye State in February. That was 9.7 percent higher than the 6,022 homes sold in January and 19.3 percent higher than the 5,537 homes sold in February 2011.

The median sales price for an existing home in Ohio increased by 0.5 percent in February to $116,196, up from $115,616 in January, but still 1.3 percent lower than the median price of $117,786 in February of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “Our market has now posted eight consecutive monthly sales gains, dating back to July 2011. We’re extremely hopeful that the housing sector will continue to make progress throughout 2012 and build upon the solid foundation that has been established in recent months.”

Of the 19 local boards that provided data for the monthly report, eighteen of the boards reported gains or were unchanged from the previous year with Marion (+50.0 percent) reporting the largest increase while Athens (-18.2 percent) posted the only year-over-year decline in sales.

The NEOHREX (Northeast Ohio Real Estate Exchange) recorded the most sales for the month with an estimated 2,122 home sales, up from 1,657 a year ago, while Columbus followed with an estimated 1,215 home sales for the month, up from 1062 in February of 2011.

“We remain confident about the Ohio marketplace – as interest rates remain at historic low levels, prices have begun to stabilize, sellers are realistic in their 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