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Ohio’s July housing scorecard: Inventory of homes on the market remains low; pace of sales quickens

By Carl Horst

The latest report on the Ohio housing marketplace shows that compared to the findings of a year ago, the inventory of homes for sale remains extremely low and the number of days properties are being marketed continues to shrink.

According to REALTOR.com’s July 2013 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 146 cities across the country:

July’s real estate market data shows the nation experienced a 5.24 percent decline in housing inventory, which is the second month in a row with year-over-year inventory declines in the single digits. National median list prices increased 5.27 percent year-over-year while median age of inventory is down 16.67 percent.

Compared to the findings from a year ago, the Ohio market continues to lag in the total number of homes being listed for sale. Notably, the days home are on the market have declined significantly.

July 2013 vs. July 2012

Median List $
Total Listings Median Age of Inventory
Akron -7.05% -2.83% -11.96%
Cincinnati -4.76% -5.30% -13.13%
Cleveland-Lorain-Elyria -2.34% -5.18% -17.65%
Columbus 2.74% -5.89% -31.52%
Dayton-Springfield 0% 23.49% -5.56%
Toledo 3.91% -13.11% -14.58%
U.S. 5.27% -5.24% -16.67%

“The Ohio housing market continues to make progress in its recovery effort, as homes are selling at a quicker pace than they were just 12 months ago,” said Thomas J. Williams, president of the Ohio Association of REALTORS. “Equally important, we are experiencing a stabilization in pricing and improvement in our inventory levels in recent months.”

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