2012-06-30 / News

Home sales activity up in May

COLUMBUS – Home sales activity throughout Ohio increased 19 percent in May, helping the marketplace record its 11th consecutive monthly sales gain, according to the statistics from the state’s Multiple Listing Services.

Sales of new and existing homes posted a 13.3 percent increase during the first five months of 2012 compared to the same period a year ago, reaching 41,637 sales versus the 2011 mark of 36,749.

“Our market appears to be establishing a very solid foundation following the downturn we experienced as a result of the onset of the economic collapse of 2008,” said Robert U. Miller, president of the Ohio Association of REALTORS(r).

“We remain extremely confident about the Ohio housing market - as interest rates remain at historic lows, prices have begun to trend upward, inventories are declining, sellers are increasingly realistic in their pricing expectations and consumers understand that long-term, owning a home is tremendous investment.”

Not only have sales levels during the first five months exceeded the pace of a year ago, the average sales price (January through May) throughout Ohio this year is up 3.6 percent, reaching $125,826 versus the 2011 mark of $121,256.

Total dollar volume this year is more than $5.2 billion, a 17.6 percent increase from last year’s five-month mark of more than $4.4 billion.

Miller noted that a recent survey of the state’s real estate professionals suggests the industry remains optimistic about the market’s outlook in the coming months.

• 90 percent of REALTORS(r) describe the current housing market in their area as moderate to strong; a significant increase from the 52 percent mark the profession posted during the month a year ago. This month’s REALTOR(r) Current Market Index measurement reached 55, a 27 point improvement from the June 2011 score of 28.

• 88 percent of the respondents have moderate to strong expectations for their market in the next six months; a 30 percent increase from the June 2011 level of 58 percent. This month’s REALTOR(r) Future Market Index reached 53, a 21 point increase from the June 2011 Index of 32.

• 87 percent of REALTORS(r) believe home prices over the next year will remain stable and could even post gains; a 34 percent jump from the findings in June 2011. The REALTOR(r) Price Index for REALTORS(r)’ expectations for the next year reached 59, a 20 point increase than the mark recorded during the month a year ago (39).

“A clear indication that the industry is more optimistic about our prospects – both in the nearterm and in the second-half of 2012 – is the significant jumps we see in the current scores in comparison to our perceptions just a year ago,” Miller noted.

Sales in May reached 11,018, a 19 percent increase from the 9,258 sales posted during the same period a year ago. The month’s average sales price of $135,450 is a 2.6 percent increase from the May 2011 mark of $131,895.

Total dollar volume in May nearly reached $1.5 billion, a 22.2 percent increase from the $1.2 million mark posted a year ago.

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(r), with 26,000 members, is the largest professional trade association in Ohio.

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