Monthly Home Sales Fall in Ohio

September 17, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos followed seasonal trends and fell from June to July in Ohio according to the latest housing data from the Ohio Association of Realtors® (OAR) but still remained well ahead of last year’s levels.

An estimated total of 10,607 existing single-family homes and condos were sold in the Buckeye State in July. That was 5.8 percent lower than the 11,246 homes sold in June but was still 13.4 percent higher than the 9,356 homes sold in July 2011. It was the 13th consecutive month that year-over-year homes sales have improved.

The average sales price for an existing home in Ohio fell by 2.6 percent in July to $146,227, down from $150,174 in June, but was still 4.9 percent higher than the average price of $139,126 in July of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “For the Ohio marketplace to attain 13 consecutive monthly sales gains is a remarkable accomplishment, one that is even more notable when you consider the challenges wrought by the economic collapse of 2008. With each passing month, it’s becoming evident that we’re establishing a solid foundation for having a sustainable, growing marketplace going forward.”

Of the 20 local boards that provided data for the monthly report, twelve of the boards reported sales gains or were unchanged from the previous year with the Greater Portsmith Board (+77.8 percent) reporting the largest increase while the Cambridge Board (-36.7 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 3,463 home sales, down from 3,609 in June, while Columbus followed with an estimated 2,096 home sales for the month, down from 2,429 the previous month.

Year-over-year, eleven of the local boards posted an increase in their average prices led by the Ashland Board (+28.3 percent) with the Knox Board (-24.2 percent) posting the largest decline in prices.

Through the first seven months of 2012, a total of 63,519 homes have been sold in Ohio, 12.8 percent higher than the 56,270 homes sold during the same time frame last year.

“We’ve made significant progress in a relatively short period of time, as we’re significantly more confident about the housing marketplace,” he added. “We fully understand that there will be challenges and obstacles in our economic recovery efforts in the months ahead, but are certain that the desire to achieve the American Dream of homeownership remains strong throughout Ohio,” Miller added.

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

Source:
OAR