Home/Mortgages/Monthly Home Sales Move Higher in Ohio

October 5, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos rebounded in Ohio during August following July’s decline according to the latest housing data from the Ohio Association of Realtors® (OAR) but home prices moved slightly lower for the second consecutive month.

An estimated total of 11,565 existing single-family homes and condos were sold in the Buckeye State in August. That was 9.0 percent higher than the 10,607 homes sold in July and 12.7 percent higher than the 10,266 homes sold in August 2011. It was the 14th consecutive month that year-over-year homes sales have improved.

The average sales price for an existing home in Ohio fell by 0.7 percent in August to $145,142, down from $146,227 in July, but was still 5.2 percent higher than the average price of $137,661 in August of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “The fact that the Ohio housing market has been able to attain 14 consecutive months of sales gains is a significant accomplishment, especially when you consider the challenges that surfaced following the collapse of the nation’s economy in 2008. It’s becoming clearer, with each passing month, that the Buckeye State has begun to build a solid foundation for a sustainable, growing housing marketplace.”

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 Tri-State Board (+32.0 percent) reporting the largest increase while the Athens Board (-31.5 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 3,876 home sales, up from 3,463 in July, while Columbus followed with an estimated 2,326 home sales for the month, up from 2,096 the previous month.

Year-over-year, fifteen of the local boards posted an increase in their average prices led by the Scioto Valley Board (+31.4 percent) with the Greater Portsmith Board (-20.9 percent) posting the largest decline in prices.

Through the first eight months of 2012, a total of 75,102 homes have been sold in Ohio, 12.9 percent higher than the 66,536 homes sold during the same time frame last year.

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