In June, home sales jumped in most U.S states including Ohio. That continues the trend of recent gains even though the supply pool is limited.
On Thursday, the Ohio Association of Realtors said record gains in home sales were noted in June. Annually, the sales rate was 5.4 percent up compared to the previous year based on seasonally adjusted data. Transactions in the housing market increased almost one percent from May.
Half the year has passed and the statewide trade group estimates home sales to move up 6.4 percent in 2016 compared to the levels noted last year. That includes new homes as well as homes and condominiums on resale.
In June, prices of homes also up ticked with the average Ohio home sale price being $178,592, which is a 3.9 percent rise compared to one year ago.
Sara Calo, president of the Ohio Realtors, said "Through the midpoint of 2016, the Ohio housing market has been able to experience a strong level of sales activity and steady, modest growth in pricing."
In Northeast Ohio, the average sale price for a house was $166,842 in June, marking a 4 percent annual gain. Condos sold for an average price of $142,042, according to data from the Northern Ohio Regional Multiple Listing Service.
At the national level, National Association of Realtors said that unsold inventory in the country on an average will last for about 4.6 months. On a seasonally adjusted basis, the existing-home sales climbed three percent compared to one year back and has climbed 1.1 percent compared to May.
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares