Wednesday, March 22, 2017

Ohio housing market achieves best-ever rate of sales during February

By Carl Horst, OAR Director of Publications/Media Relations

The rate of homes sold across Ohio in February rose 5.8 percent from the level posted during the month a year ago, according to the Ohio Association of REALTORS.
“The housing market across the Buckeye State was extremely solid in February, as the rate of sales activity reached the highest mark for the month since Ohio’s REALTORS began tracking activity in 1998,” said OAR President Pete Kopf. “We’re also experiencing continued gains in the average price, an indication that housing is a solid, long-term investment.

“As we move into the traditional spring home buying season, Ohio’s REALTOR community is hopeful that we’ll see an increase in the number of homes being marketed for sale,” Kopf added.

February’s average home price of $152,236 reflects a 7.3 percent increase from the $141,890 mark posted during the month last year.
Sales in February reached a seasonally adjusted annual rate of 148,826, a 5.8 percent increase from the 140,677 level during the month a year ago. The market experienced a slight 1.1 percent decline in sales from January’s seasonally adjusted annual rate of 150,431.

Around the state, the average sales price increased in 15 of the 18 markets tracked. A total of eight markets experienced an uptick or remained unchanged in total sales activity.
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 30,000 members, is the largest professional trade association in Ohio.