Local housing market takes slight hit in July

By John Bush - [email protected]

LIMA — The regional housing market took a slight hit in July, with units sold, dollar volume, and average sale price all down from June.

According to the Ohio Association of Realtors, the number of residential properties sold in the organization’s West Central region — Allen, Hardin and Van Wert counties — declined by 32.2 percent, from 233 in June to 158 in July. Average sale price saw a decrease of $4,332 — $122,077 in June to $117,745 in July — and dollar volume went from $28.44 million to $18.6 million, a 34.6 percent decline.

Last month’s numbers are also down from July 2015. The number of units sold declined by 8.7 percent, dollar volume fell by 9.9 percent and average sale price is down 1.4 percent.

The news isn’t all bad, however, as the number of units sold, dollar volume and average sale price have all improved through the first seven months of 2016. Units sold jumped 22.6 percent from January through July 2015 to the first seven months of 2016. In addition, dollar volume increased by 31.9 percent and average sale price rose by 7.6 percent.

Across Ohio, the number of homes sold declined by 1.1 percent from the level posted during this month last year. This represented the market’s first monthly year-to-year rate drop in 22 months, according to the OAR.

Additionally, home sales activity in July decreased 2.7 percent from the level reached in June 2016.

“Despite the slight drop in monthly home sales activity, the marketplace remains strong as the rate of sales during July reached the month’s second‐best mark since we began recording data in 1998,” said OAR President Sara Calo in a statement. “After nearly two years of unabated growth we have built a solid foundation for Ohio’s housing sector, one that is able to withstand the normal ebbs and flows that occur in the marketplace.”

Calo added that what’s equally important is the market is continuing to experience a steady, modest rise in average sale price. July’s average home price of $173,091 reflects a 3.4 percent increase from the $167,433 mark posted during this month last year.

Sales in July reached a seasonally adjusted annual rate of 146,746, a slight 1.1 percent decline from the best‐ever 148,346 level reached during the month a year ago. The market also experienced a 2.7 percent drop in sales from June’s record‐setting, seasonally adjusted annual rate of 150,880.

Around the state, 10 of the 18 markets tracked reported upswings in average sales price. The rate of home sales dropped in 17 markets compared to July 2015.

By John Bush

[email protected]

Reach John Bush at 567-242-0456 or on Twitter @bush_lima.

Reach John Bush at 567-242-0456 or on Twitter @bush_lima.

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