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July home sales up 8.6 percent

Aug 21, 2020

Activity in the Ohio housing marketplace heated up in July, as the pace of sales rose 8.6 percent from the level of closings that occurred during the month a year ago, according to Ohio REALTORS.

“The Ohio housing marketplace displayed remarkable resiliency in July -- with both the level of sales activity and average price posted robust results,” said Ohio REALTORS President Chris Reese. “The market’s positive results during the month is a welcome outcome following the slowdown that occurred following the onset of COVID-19 this spring and an indication that consumers understand and appreciate that housing is a solid, long-term investment.

“While historically low mortgage rates have helped spur 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.”

July’s average home price of $223,344 reflects an 8.6 percent increase from the $205,634 mark posted during the month last year.

Sales in July reached 17,006, an 8.6 percent increase from the 15,658 sales recorded during the month a year ago.

Through the first seven months of the year, sales activity has declined 3.2 percent from the level posted during the same period in 2019. Sales from January through July reached 85,562, slightly behind the 2019 mark of 88,352 sales during the period. The average sales price for the January through July period reached $205,248, a 5.9 percent increase from the $193,726 posted in 2019.

Around the state, 15 of the 16 markets tracked reported upswings in average sales price in July, while 12 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.

CLICK HERE to view a market-by-market analysis of sales activity throughout Ohio.

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