Ohio's home sales activity slows in July
The number of homes sold throughout Ohio in July dropped 10.4% from the pace set during the month a year ago, according to Ohio REALTORS.
Homes sales in July 2022 reached 14,719, a 10.4% decrease from the 16,425 sales recorded during the month a year ago. The average sales price across Ohio in July reached $273,954 a 8.4% increase from the $252,793 mark posted during the month in 2021.
“July 2022’s housing stats are showing signs of a market that is beginning to normalize,” said Ohio REALTORS President John Mangas. “With rising mortgage rates now plateauing and more inventory becoming available, we should see improved opportunities for both homebuyers and home sellers.”
Around the state, 12 of the 15 markets tracked experienced an increase in average price for the month compared to July 2021. Additionally, four local markets showed an increase in sales activity compared to a year ago.
Sales activity during the first seven months of 2022 reached 85,243, a 3.4% decrease from the 88,242 sales reached during the first seven months of 2021. The average price in the first seven months of 2022 of $256,872, 10.1% increase from the $233,265 mark reached during the period a year ago.
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 36,000 members, is the largest professional trade association in Ohio.
CLICK HERE for a market-by-market analysis of sales activity throughout Ohio.