Sales of Residences in Ohio Jump in July
COLUMBUS, Ohio -- The number of residences sold across Ohio surged 25.8% in July as the market posted year-over-year gains for the 25th consecutive month, the Ohio Association of Realtors reported Wednesday.
In the region that encompasses Trumbull, Mahoning and Columbiana counties, the number sold posted a 23.5% gain.
“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 and and an agent with Northwood Realty’s Austintown office. “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.”
Sales through the first seven months of 2013 reached 74,666, a 17.5% increase from the the same period a year ago. The average sales price (January through July) is $142,701, a 6.7% increase.
Dollar volume this year is nearly $10.7 billion, up 25.4%.
In the three-county region, the 23,110 units sold represents a 14% increase for January through July. Dollar volume of $3.153 billion is up 23.6%, and the average selling price of $136,428 is up 8.4%.
In addition to the three counties above, the region's figures encompass Summit, Portage, Stark, Carroll, Tuscarawas, Coshocton, Cuyahoga, Lake, Geauga, Medina, Ashtabula, Wayne, Holmes and Lorain counties.
“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.”
Statewide sales in July reached 13,354, a 25.8% 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% increase from the $146,228 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.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.