Ohio housing market experiences rising prices & stable sales activity in 2014

The Ohio housing marketplace continued to establish a solid foundation in 2014, as sales nearly matched the activity level of 2013 and average prices posted a 5 percent gain, according to the Ohio Association of REALTORS.

Homes sales finished 2014 with a seasonally adjusted annual rate of 127,399, a slight 1.3 percent decrease from the 2013 year-end rate of 129,108. The average sales price across Ohio in 2014 reached $149,210, a 5 percent increase from the $142,135 mark posted during 2013.

“It’s evident that the Ohio housing market has not only regained its footing, but that we’ve rebuilt a solid foundation that is able to withstand any minor variances that may arise due to current market factors,” said OAR President Greg Hrabcak. “The re-emergence of a traditional, stable housing sector is a welcomed development for current and would-be homeowners.”

Sales in December reached a seasonally adjusted annual rate of 129,724, a negligible 0.9 percent decrease from the 130,842 level posted last month. The market experienced a 3.1 percent increase in sales from December 2013’s seasonally adjusted annual rate of 125,795. Sales during December 2014 reached the highest level for the month since 2006.

December’s average home price of $145,655 reflects a 4 percent increase from the $140,038 mark posted in December 2013.

Around the state, 14 of the 20 markets tracked reported increases in sales activity levels during the month. All but seven local markets showed an increase in average sale price compared to December 2013.

Home sales during the fourth quarter of 2014 were up sharply from the first three quarters of the year, as well as compared to the three-month period in 2013. Specifically, fourth quarter 2014’s seasonally adjusted annual rate reached 135,317, a 4.6 percent increase from the third quarter mark of 129,319 and up 6.7 percent from the fourth quarter 2013 rate of 126,790. Total dollar volume in 2014 reached more than $19.5 billion, a 3.5 percent increase from the 2013 level of nearly $18.9 billion.

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.

– See more at: http://ohiorealtors.org/2015/01/23/year-end-stats/#sthash.7Vh9cHoP.dpuf


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