The number of homes sold across Ohio surged 25.8 percent in July, as the market posted year-over-year gains in activity for the 25thconsecutive month, according to the Ohio Association of REALTORS.
“Home sales activity in July remained brisk, helping the marketplace maintain its steady progress in recovering from the economic challenges that tested the foundation of the industry a few years ago,” said Thomas J. Williams, president of the Ohio Association of REALTORS. “Attaining increased sales for the 25th consecutive month – our longest stretch of uninterrupted growth in 16 years of tracking Ohio home sales – is a clear indicator of growing consumer confidence and a renewed appreciation that housing is a solid, long-term investment.”
“For the last 5 years investors, flippers and first time buyers have driven the real estate market. In 2013 we have experienced move up buyers getting back into the market which has been a refreshing change to the industry. I see no reason why the market should not continue to rebound through 2014 with moderate increases in both transactions and prices,” reports Mike DeAnna, Broker & Owner, Ohio Family Realty.
Sales through the first seven months of 2013 reached 74,666, a 17.5 percent increase from the 63,551 sales posted during the same period a year ago. The average sales price (January through July) this year is $142,701, a 6.7 percent increase from the $133,710, mark set during the period a year ago.
Total dollar volume this year is nearly $10.7 billion, a 25.4 percent increase from the seven-month mark of a year ago of nearly $8.5 billion.
“We’re experiencing widespread improvement in Ohio’s housing sector, with 18 of our 20 markets posting year-to-date gains in sales,” Williams said. “In a state as diverse as Ohio – with a blend of large, urban cities and smaller, rural locales – achieving balanced growth is a positive development and bodes well for our ongoing recovery effort.”
Sales in July reached 13,354; a 25.8 percent increase from the 10,619 sales posted during a year ago, and reached the month’s best mark since 2005. The average sales price of $156,738 is a 7.2 percent increase from the $146,228 average price posted in July 2012.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. The Ohio Association of REALTORS, with more than 26,000 members, is the largest professional trade association in Ohio.
To view a market by market analysis of sales activity throughout Ohio and local contact information, click on the link below.