Ohio’s May Home Sales

FROM:  Greg Hrabcak, OAR President
RE:        Ohio’s May Home Sales

DATE:   June 22, 2015

greg-hrabcakThe number of homes sold across Ohio in May rose 10.8 percent from the level posted during the month a year ago, the market’s ninth consecutive monthly year‐over‐year gain, according to the Ohio Association of REALTORS.

Additionally, home sales activity in May increased 2.8 percent from the level reached in April 2015.

“Home sales activity throughout the Buckeye State is extremely strong, as our sales totals in May reached the highest level for any month since December 2006 and achieved the best mark for May since 2005,” said OAR President Greg Hrabcak. “The marketplace is also continuing to experience a steady rise in the average sale price. It’s becoming increasingly evident that Ohioans are regaining confidence that housing is a solid long‐term investment.”

May’s average home price of $162,605 reflects a 6.5 percent increase from the $152,699 mark posted during the month last year.

Sales in May reached a seasonally adjusted annual rate of 140,920, a 10.8 percent gain from the 127,232 level during the month a year ago. The market also experienced a 2.8 percent rise in sales from April’s seasonally adjusted annual rate of 137,089.

Around the state, 15 of the 20 markets tracked reported upswings in sales activity levels. The average sales price increased in 12 markets.

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 28,000 members, is the largest professional trade association in Ohio. The methods addressing  OAR’s reporting of home sales activity is available at www.ohiorealtors.org.

Refer to the following pages for OAR’s seasonally adjusted Ohio home sales report, as well as a market by market analysis of sales activity throughout Ohio and local contact information. http://www.ycar.org/download/statistics/May15HS.pdf

(NOTE: There might be a slight variance between the reported number of sales contained in this release and actual activity in the various markets due to OAR’s early reporting requirement. Check with contacts in the particular market.)