The Ohio housing marketplace continues to stabilize, as the number of homes sold throughout Ohio in August fell while average prices rose, according to Ohio Realtors.
Homes sales in August 2022 reached 15,412, a 6.4% decrease from the 16,466 sales recorded during the month a year ago. The average sales price across Ohio in August reached $267,659, a 6.9% increase from the $250,338 mark posted during the month in 2021.
“Rising mortgage rates and the lingering issue of tight inventories of homes being marketed for sale are contributing to a slower level of activity across the Ohio housing marketplace in August,” said Ohio Realtors President John Mangas. “The continued rise in average price is a strong indication of a still-competitive market and of the strong demand that exists among consumers looking to achieve the American Dream of home ownership.”
Around the state, 12 of the 14 markets tracked experienced an increase in average price for the month compared to August 2021. Additionally, two local markets showed an increase in sales activity compared to a year ago.
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 37,000 members, is the largest professional trade association in Ohio.