COLUMBUS — The state housing market was “solid” in November, outpacing sales in the same month of other years.
Despite the good sales for the month, compared to October, the news isn’t so good.
Home sales activity decreased 7.7 percent from October, according to the Ohio Association of Realtors.
“With each passing month, it’s becoming more evident that the housing sector is re-establishing a solid foundation throughout Ohio, one that is able to withstand any short-term variances that might occur due to current market conditions,” said OAR President Chris Hall in a statement.
November’s average home price of $144,792 reflects a 5.7 percent uptick from the $137,037 mark posted in November 2013, according to the release.
Sales activity in November 2014 was the month’s strongest since 2006.
Fourteen of the 20 markets tracked reported a decline in sales during the month, according to the release and all but five local markets showed an increase in average sale price.
When it comes to pending home sales, OAR states that the housing market is making “significant progress.”
The number of single-family homes and condominiums put under agreement in November increased 5.1 percent from November 2013 in the state.
In the West Central Region, including Allen, Auglaize and Putnam counties, the increase was 3.6 percent.
The state number was also up 13.3 percent from October 2014.
“The Ohio housing marketplace is continuing to make significant progress, evidenced by the number of homes put under contract reaching an all-time high,” Hall said.
The market is historically healthy, compared to 2008, according to the release.
“The real estate profession is hopeful that that momentum that been built throughout the first 11 months will continue as we move forward,” according to Hall’s statement.