Northeast Ohio Home Sales Climb 15.5% in August From Year Ago
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Mark Dodosh, September 19, 2012 – The housing market in Northeast Ohio and statewide continued to show improvement last month, as both unit sales and selling prices rose in August from the like month last year.
According to data from the Ohio Association of Realtors, the 17 counties included in figures from the Northeast Ohio Real Estate Exchange, or NEOHREX, saw unit sales of new and existing homes climb 15.5% to 3,876 last month from 3,357 in August 2011.
In the NEOHREX market, the total dollar volume of homes sold last month rose 21%, to $529.4 million from $436.8 million in August 2011. However, the average sales price did not increase nearly as much, edging up 5% to $136,578 last month from $130,116 in August 2011.
Statewide, home sales last month totaled 11,565 units, up 12.7% from 10,266 in August 2011. The total dollar volume of homes sold across Ohio increased nearly 19%, to $1.68 billion from $1.41 billion, while the average sales price rose 5.2%, to $145,142 from $137,661.
The increase in home sales activity throughout Ohio in August helped the statewide market record its 14th consecutive monthly sales gain, according to statistics provided by the state’s Multiple Listing Services.
“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,” Robert U. Miller, president of the Ohio Association of Realtors, said in a statement.
“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,” Mr. Miller said.
Mr. Miller noted that a recent survey of the state’s real estate professionals suggests the industry remains cautiously optimistic about the market’s outlook in the coming months. The OAR Housing Market Confidence Index indicates that 87% of Realtors describe the current housing market in their area as moderate to strong. That’s a significant increase from the 46% mark posted in the like month a year ago.