Activity in the Ohio housing marketplace stabilized in June, as the pace of sales nearly matched the level of closings that occurred during the month a year ago, according to Ohio REALTORS.
“The Ohio housing marketplace, which experienced a significant decline in sales activity since the onset of the COVID-19 pandemic, regained its footing somewhat in June,” said Ohio REALTORS President Chris Reese. “It’s a positive sign that sales activity nearly matched levels from a year ago, while also posting gains in the average sales price across the state.
“The market’s return to normalcy is a clear indication that consumers appreciate that housing is a solid, long-term investment,” Reese added. “While historic low mortgage rates will certainly help boost interest in the market in the near term, we’re also hopeful that we’ll see an uptick in the number of homes listed for sale and an increase home construction to meet buyer demands.”
June’s average home price of $230,054 reflects an 8.9 percent increase from the $211,229 mark posted during the month last year.
Sales in June reached 15,036, a slight 1.2 percent decrease from the 15,218 sales recorded during the month a year ago.
Through the first half of the year, sales activity has declined 5.8 percent from the level posted during the six-month period in 2019. Sales from January through June reached 68,476, lagging the 2019 mark of 72,678 sales during the period. The average sales price during the first half 2020 reached $203,696, a 6.7 percent increase from the $190,991 posted in 2019.
Around the state, 14 of the 16 markets tracked reported upswings in average sales price in June, while 11 posted gains in sales activity.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 33,000 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 here.
(NOTE: There might be a slight variance between the reported number of sales contained in this release and actual activity in the various markets due to Ohio REALTORS early reporting requirement. Check with contacts in the particular market.)