2010-07-31 / News

Average homes sale price continues to rise in June

COLUMBUS – Home sales activity in Ohio posted large increases in June, as buyers continue to finalize purchases resulting from the federal home buyer tax credit program that expired in April, according to statistics provided to the Ohio Association of REALTORS by the state’s Multiple Listing Services.

“The federal home buyer tax credit incentive proved to be a big boost to the Ohio housing market, evidenced by the tremendous uptick in activity levels we experienced throughout the spring,” said Doug McCloud, president of the Ohio Association of REALTORS. “With favorable pricing, low interest rates and sellers more realistic in their expectations, the market is making a rebound due to the conditions that exist.”

Buyers seeking the tax credit had to enter into a contract to purchase by April 30, 2010 and now have until September 30, 2010 to complete the purchase. “The tax credit proved to be an important factor in helping to stem the downward trend in both sales and, more importantly, prices. We’ve now posted nine consecutive monthly gains in the average sales price...which is fantastic news for current and would-be homeowners,” he continued. “The key will be in continuing that momentum in the coming months now that the incentive has expired.”

Sales during the first six months of 2010 reached 53,953, a 15.9 percent increase from the 46,538 sales posted during the same period a year ago. The average sales price (January through June) this year is $133,627, an 8.6 percent increase from the $123,092 mark set during the period a year ago.

Total dollar volume this year tops $7.2 billion, a 25.9 percent increase from the six-month mark a year ago of $5.7 billion. Sales in June 2010 reached 12,050, a 14.3 percent increase from the 10,539 sales posted during the month a year ago. The month’s average sale price increased 3.6 percent to $146,972, compared to the $141,913 mark of June 2009. The total dollar volume in June 2010 nearly reached $1.8 billion, an 18.4 percent hike from the $1.5 billion posted a year ago.

“We remain bullish on the long-term prospects of the marketplace – as interest rates remain at historic lows, prices have stabilized and begun to trend upward, sellers are being realistic in their expectations and consumers understand that over time, owning a home is a tremendous investment,” McCloud said.

The 29,000-member Ohio Association of REALTORS ®, the largest professional trade organization in the state, calculates its home sale figures based on statistics provided by the Multiple Listing Services (MLS) throughout Ohio.

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