Local housing market sees growth through first 6 months of 2017


By John Bush - jbush@limanews.com



A “Sale Pending” sign is posted in front of a home in Shawnee Township.

A “Sale Pending” sign is posted in front of a home in Shawnee Township.


Craig J. Orosz | The Lima News

LIMA — Sales activity in the regional housing market is outpacing last year’s numbers by a few percentage points, with the number of units sold, average sale price, and dollar volume all up from 2016.

From January to June, 1,057 homes were sold in the Ohio Association of Realtors West Central region, which includes Allen, Hardin and Van Wert counties, as well as portions of surrounding counties. That represented a 6 percent increase from the first six months of 2016, when 997 homes were sold.

Dollar volume and average sale price have also increased in 2017, according to an OAR report. Dollar volume is up 7.9 percent from last year — $111.5 million in 2016 to $120.3 million in 2017 — and average sale price jumped 1.7 percent from $111,860 to $113,807.

The number of units sold from June 2016 to June 2017 was stagnant at 233, but dollar volume and average sale price each jumped 3.5 percent. Dollar volume went from $28.4 million to $29.4 million, and average sale price climbed from $122,077 to $126,388.

Across Ohio, the rate of homes sold reached a record-breaking level in June, increasing 0.6 percent from the same month last year, according to the OAR.

“Through the mid‐point of 2017, the Ohio housing market has been able to experience a solid level of sales activity and steady, modest growth in pricing,” said OAR President Pete Kopf. “It’s evident that we’re continuing to make significant progress in building a stable foundation for the housing sector, as more Ohioans are exhibiting confidence that a home purchase is a solid, long‐term investment.”

June’s average home price of $185,742 reflected a 4 percent increase from the $178,588 mark posted during the same month last year.

Sales in June reached a seasonally adjusted annual rate of 149,185, a 0.6 percent increase from the month’s previous best‐ever level of 148,312, which was established a year ago. The market experienced a 3.2 percent decline in sales from May’s seasonally adjusted annual rate of 154,106.

Around the state, 11 of the 18 markets reported an uptick in average sale price or experienced no change. A total of 11 markets experienced an increase in sales activity.

A “Sale Pending” sign is posted in front of a home in Shawnee Township.
https://www.limaohio.com/wp-content/uploads/sites/54/2017/07/web1_Home_Sales_01co.jpgA “Sale Pending” sign is posted in front of a home in Shawnee Township. Craig J. Orosz | The Lima News

By John Bush

jbush@limanews.com

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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