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Ohio housing market off to a solid start in 2015; sales activity posts increase in January

red sold and house

By Carl Horst, OAR Director of Publications/Media Relations

The number of homes sold across Ohio in January rose 4.2 percent from the level posted during the month a year ago, the market’s fifth consecutive monthly year-over-year gain, according to the Ohio Association of REALTORS.

Home sales activity in January dipped 6.2 percent from the level reached in December 2014.

“Home sales activity across Ohio in January reflects a balanced and traditional marketplace,” said Greg Hrabcak, president of the Ohio Association of REALTORS. “We are continuing to make progress in our ongoing effort to rebuild a solid foundation for the housing sector – one that is able to withstand the cyclical ebbs and flows in activity that occur.

“The market is well-positioned for current and would-be home owners, as we’re experiencing steady price growth and attractive interest rates,” Hrabcak added. “We remain hopeful that the low inventories of homes currently being marketed for sale will rise as we head into the spring market.”

January’s average home price of $137,464 reflects an 8 percent increase from the $127,279 mark posted during the month last year.

Sales in January reached a seasonally adjusted annual rate of 123,108, a 4.2 percent increase from the 118,161 level during the month a year ago. The market also experienced a 6.2 percent decline in sales from December’s seasonally adjusted annual rate of 131,232.

Around the state, the average sales price increased in 17 of the 20 markets tracked. Additionally, nine markets posted gains in sales activity.

Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. OAR, with more than 28,000 members, is the largest professional trade association in Ohio.

Click here to view OAR’s seasonally adjusted Ohio home sales report. To access a market-by-market analysis of sales activity throughout Ohio, click here.

Tags: home sales, research