Ohio home sales numbers drop a bit in July compared to a year ago; potential sign of market stabilization
CLEVELAND, Ohio – The number of homes sold in Ohio in July was lower than the same month last year, which could be a sign that the hot real estate market that buyers have experienced in recent months is cooling off.
Statewide, 16,374 homes and condominiums were sold last month, down 3.8% from the 17,017 sold in July 2020, according to a press release from the Ohio Trade Association on Monday. REALTORS, which compiles the figures for the ad services used by real estate agents. It was, however, still higher than the 16,552 homes sold in June.
The average sale price was $ 252,162, an increase of 12.9% from the same month in 2020, but slightly lower than the $ 256,094 in June of this year.
In Cuyahoga County, 1,783 homes sold in July, a 0.5% jump from the 1,775 sold in the same month last year, according to the data of the regional referral service MLS-Now. In June, 1,772 homes sold in the county.
The average selling price last month in Cuyahoga County was $ 242,831, a 17.9% increase from the July 2020 average selling price of $ 205,993, according to data from the based service. ‘independence. Homes in the county were on the market for an average of 28 days before being sold, while in July 2020 the average was 48 days.
Summit County, meanwhile, saw 776 homes sold in July compared to 831 in the same month last year, marking a 6.6% drop. Last month, the average selling price was $ 226,146, a 10.4% increase from the same month’s average last year.
Summit County homes sold last month within an average of 24 days of being put on the market, while in July 2020, they sold within an average of 39 days.
The numbers continue to show that low interest rates pushed down due to the coronavirus pandemic and the scarcity of housing on the market are driving competitive offers from buyers. Sellers, meanwhile, said they accepted offers within days of putting their home on the market.
In the Cleveland area, this pushed up prices in some of the upscale areas of Cuyahoga County, but also in more moderately priced areas like North Olmsted, Parma and South Euclid, cleveland.com and The Plain Dealer found in an analysis.
The state, along with Cuyahoga and Summit counties, experienced several months with more home sales than the same month of the previous year and the previous month. In the first half of 2021, home sales activity and average prices increased compared to the six-month period last year.
And while Cuyahoga County’s sales figures remained relatively stable in July, Ohio REALTORS President Seth Task said in the press release that the slight statewide decline could be a sign that the market is starting to become more stable.
âWe’re used to seeing the market slow down a bit as we go back to school and maybe a return to normalcy in our lives is reflected in the market,â Task said.
Still, home selling prices were higher than in July 2020, another sign that low inventory levels continue to push prices up. Statewide, 15 markets where Ohio REALTORS pulled numbers saw their prices increase from the same month last year. Five markets also recorded more home sales than in July 2020.
Nationally, existing home sales in July were 1.5% higher than in July 2020 and 2% higher than in May, according to the National Association of Realtors.
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