Ohio Home Sales Jump Over Thirty Percent in March

May 1, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condos in the state of Ohio were up over 30 percent from February to March, the ninth consecutive month that annual home sales have improved in the state according to the latest housing data from the Ohio Association of Realtors® (OAR).

An estimated total of 8,712 existing single-family homes and condos were sold in the Buckeye State in March. That was 31.8 percent higher than the 6,608 homes sold in February and 8.9 percent higher than the 8,104 homes sold in March 2011. It was the ninth consecutive month that year-over-year homes sales have improved.

The average sales price for an existing home in Ohio increased by 6.8 percent in March to $124,088, up from $116,196 in February, and was 8.9 percent higher than the average price of $113,062 in March of last year.

Robert U. Miller, president of the Ohio Association of REALTORS®, stated, “Activity in March was substantial and we’ve now posted nine 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.”

Of the 20 local boards that provided data for the monthly report, fourteen of the boards reported gains from the previous year with Knox (+68.8 percent) reporting the largest increase while Lancaster (-43.8 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 2,637 home sales, up from 2,522 a year ago, while Columbus followed with an estimated 1,504 home sales for the month, up from 1,490 in March 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