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Home sales activity across Ohio reaches best-ever level in March

sold sign

By Carl Horst, OAR Director of Publications/Media Relations

The rate of homes sold across Ohio in March rose 6.3 percent from the level posted during the month a year ago, according to the Ohio Association of REALTORS.

“Activity in the housing marketplace in March displayed continued resiliency, as the rate of sales posted a best-ever for the month since Ohio’s REALTORS began tracking data in 1998,” said Pete Kopf, president of the Ohio Association of REALTORS. “We also experienced a healthy rise in the average sales price, evidence that housing is a solid, long-term investment.

“The sales activity in March is a welcomed start to the traditional home buying season,” Kopf added. “Ohio’s REALTORS are hopeful that we’ll see an uptick in the number of homes listed for sale, as having an adequate inventory of homes being marketed is important in continuing the positive momentum that has been established.”

March’s average home price of $163,382 reflects a 6.2 percent increase from the $153,800 mark posted during the month last year.

Sales in March reached a seasonally adjusted annual rate of 156,096, a 6.3 percent increase from the 146,819 level during the month a year ago. The market experienced a 4.9 percent increase in sales from February’s seasonally adjusted annual rate of 148,826.

Around the state, the total sales activity increased in 15 of the 18 markets tracked. A total of 13 markets experienced an uptick in average sales price.

The first quarter of 2017 seasonally adjusted annual rate of 151,327 increased 2.9 percent from the first quarter 2016 (147,062). Total dollar volume during the first quarter 2017 reached $4.6 billion, a 10.2 percent increase from the first quarter 2016 level of $4.1 billion.

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 30,000 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