Home sales increase by 4.7 percent

The number of homes sold across Ohio in June increased 4.7 percent from the level posted in May, according to the Ohio Association of REALTORS.

Home sales activity in June increased slightly from the level reached during the month a year ago, recording a 0.1 percent increase.

“Through the mid-point of 2014 the Ohio housing market has been able to display stability in the overall level of sales activity and steady growth in pricing,” said OAR President Chris Hall. “It’s evident that we’ve made significant progress in building a solid, stable foundation for the state’s housing sector, one that is able to withstand the certain ebbs and flows that will occur due to market conditions.”

June’s average home price of $163,711 reflects a 1.2 percent increase from the $161,846 mark posted during the month last year.

Sales in June reached a seasonally adjusted annual rate of 132,464, increasing 4.7 percent from the 126,564 level posted last month. The market also experienced a 0.1 percent increase in sales from June 2013’s seasonally adjusted annual rate of 132,338. Sales during June 2014 reached the highest level for the month since 2007.

Around the state, 13 of the 20 markets tracked reported increases in sales activity levels or remain unchanged during the month. All but five local markets showed an increase in average sales price.

Home sales during the second quarter were up from the first quarter, but were down slightly from the same period a year ago. Specifically, second quarter 2014’s seasonally adjusted annual rate reached 127,178, a 9 percent increase from the first quarter mark of 116,660. Activity in the marketplace during the quarter declined 1.4 percent from the second quarter 2013 level of 139,038. Second quarter 2014 dollar volume of $5.6 billion is up 1.0 percent from the same period last year.

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 27,000 members, is the largest professional trade association in Ohio. Click here to view the methods addressing OAR’s reporting of home sales activity.

To view OAR’s seasonally adjusted Ohio home sales report and a market by market analysis of sales activity throughout Ohio and local contact information, click here.