The number of homes sold across Ohio in October increased 5.5 percent from the level posted in September. Activity also rose 8.5 percent from the level reached in October 2013, according to the Ohio Association of REALTORS.
“Activity throughout the Ohio housing market was robust in October, as the pace of sales reached the highest monthly level in nearly eight years,” said OAR President Chris Hall. “Equally as important as the uptick in sales, the average sales price has now reached 32 consecutive months of year-over-year gains.
“With each passing month, it’s becoming more evident that the housing sector is re-establishing a solid foundation throughout Ohio, one that is able to withstand any short-term variances that might occur due to current market conditions.”
October’s average home price of $147,133 reflects a 7.3 percent increase from the $137,161 mark posted in October 2013.
Sales in October reached a seasonally adjusted annual rate of 141,796, increasing 5.5 percent from the 134,397 level posted last month. The market also experienced an 8.5 percent increase in sales from October 2013’s seasonally adjusted annual rate of 130,733. Sales activity in October 2014 was the strongest monthly tally since December 2006.
Around the state, 15 of the 20 markets tracked reported increases in sales activity levels during the month. All but four local markets showed an increase in average sale price.
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.