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August home sales slowed, prices continue to rise

Ohio's August home sales slowed, prices continue to rise

Sep 21, 2023

The number of homes sold throughout Ohio in August slowed from the pace set during the month a year ago, while average prices continued to rise, according to Ohio REALTORS.

Homes sales in August 2023 reached 12,730, a 17.2% decline from the 15,380 sales recorded during the month a year ago. The average sales price across Ohio in August reached $285,305, a 6.6% increase from the $267,610 mark posted in August 2022.

“August’s home sales reflect market dynamics of higher mortgage rates and lower inventory,” said Ohio REALTORS President Ralph Mantica. “Ohio's real estate market continues to demonstrate its resilience, evident in the ongoing increase in home prices, highlighting consumers' confidence in homeownership as a wise investment.”

“An Ohio REALTOR serves as a professional partner, guiding buyers and sellers through the intricate process of homebuying and selling, to successfully achieve their housing goals.”

Around the state, 13 of the 14 markets tracked experienced an increase in average price for the month compared to August 2023. Additionally, two local markets showed an increase in sales activity compared to 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. Leading with expertise, professionalism and an entrepreneurial spirit, REALTORS in Ohio are committed to their customers and communities.

Click Here for a market-by-market analysis of sales activity throughout Ohio.

(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.)

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