Ohio home sales cool slightly in July
Home sales activity across Ohio fell slightly in July, the market’s first monthly year-over-year decrease in 2021. Overall, sales slowed 3.8 percent compared to July 2020, according to Ohio REALTORS.
Home unit sales in July 2021 reached 16,374, a 3.8 percent downtick from the 17,017 sales recorded during the month last year. The average sales price across Ohio this July reached $252,162, a 12.9 percent increase from the $223,385 mark posted during the month in 2020.
“Activity in July slowed slightly but is not far off from where we were last year. This can be a good sign that the housing market is beginning to stabilize,” said Ohio REALTORS President Seth Task. “We are used to seeing the market slow a bit as the start of school approaches and perhaps a return to normalcy in our lives is mirrored in the market.
“Low inventory and rising home prices continue to be a trend we’re experiencing,” Task said. “Overall, in 2021, sales are up 7.9 percent compared to 2020, indicating the market is still strong, and buyers are continuing to see the value in homeownership despite the record-high prices.”
Around the state, all 15 tracked markets experienced an increase in average price for the month as compared to July 2020. Despite the overall decrease statewide, five local markets reported an increase in sales activity compared to July 2020.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 36,000 members, is the largest professional trade association in Ohio.
CLICK HERE to access a market-by-market analysis of sales activity throughout Ohio.
