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Ohio home sales figures, average prices continue to rise amid sellers’ market

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CLEVELAND, Ohio Home sales in Ohio rose more than 10% in June compared to the same month in 2020, a sign that the housing market remains competitive.

The Ohio trade association REALTORS said Thursday that 16,552 homes and condominiums managed by agents on multiple listing services were sold last month, up from 15,024 homes in June 2020 and 14,130 sold in May. The average selling price was $ 256,094, an increase of 17.9% from the same month in 2020 and higher than the $ 243,641 recorded last month.

In Cuyahoga County, 1,772 homes sold last month, a 16.6% jump from the 1,520 sold the same month last year, according to the data MLS-Now regional registration service. In May, 1,501 homes sold in the county.

The average selling price last month in Cuyahoga County was $ 252,763, a 24.5% increase from the June 2020 average selling price of $ 202,995, according to data from services based on the ‘independence. Homes in the county were on the market for an average of 31 days before being sold, while in May 2020 the average was 53 days.

Summit County, meanwhile, saw 787 homes sold in June compared to 672 in the same month last year. Last month, the average selling price was $ 229,481, or 10.1% of the same month’s average last year.

Summit County homes sold last month within an average of 22 days of being put on the market, while in May 2020, they sold within an average of 44 days.

The number continues to show a trend that began during the coronavirus pandemic: low interest rates and too few homes for sale have resulted in a competitive market. In the Cleveland area, this has given rise to stories of buyers making quick decisions about whether to buy for fear of losing their chance with someone else.

This has driven up prices in some of the upscale areas of Cuyahoga County, but also more moderately priced areas like North Olmsted, Parma, and South Euclid.

Ohio REALTORS President Seth Task said in a press release that the number of sales and prices are increasing even though the number of homes on the market remains relatively low. He said the number of homes listed was behind compared to a year ago, although the numbers are rising.

In Cuyahoga County, 2,250 homes were put on the market in June, up from 1,999 in June 2020 and 2,109 homes in May. In Summit County, 1,054 new listings increased, up from 952 in June 2020 and 905 homes in May, according to MLS-Now.

The release said almost the entire state saw an increase in the average selling price and the number of overall sales from June 2020. In the first six months of 2021, 75,536 homes were sold in Ohio, an increase of 10.6% from the first half of 2020.The average selling price during this period reached $ 232,780, an increase of 15.8% from January to May 2020.

In the first half of 2021, home sales activity and average prices have increased compared to the six-month period a year ago. Sales through the second quarter of 2021 reached 75,536, an increase of 10.6% from the level of 68,272 a year ago. The mid-year average price of $ 232,780 marks a 15.8% increase over the 2020 average of $ 201,090.

The average selling price of Cuyahoga County homes so far this year is $ 217,511, up from $ 190,567 in the first half of 2020. In Summit County, the 2021 average so far is 204,935. , while at the same time in 2020, it was $ 181,168.

Nationally, sales of existing homes in June were 22.9% higher than the same month in 2020 and 1.4% higher than in May, according to the National Association of Realtors.

Read more:

Ohio home sales increased 20% in May from same month during 2020 pandemic

Cuyahoga County Home Prices Up 9%; mid-priced suburbs like Parma, South Euclid among those with higher earnings

Low Interest Rates, Coronavirus Pandemic Drops Home Sales in Cuyahoga County

Sources

1/ https://Google.com/

2/ https://www.cleveland.com/realestate-news/2021/07/ohio-home-sales-numbers-average-prices-continue-increase-amid-of-sellers-market.html

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