Home sales increased by more than 13 percent in Northeast Ohio in May, continuing a trend of double-digit increases compared with 2012 figures.
For the year, the Northeast Ohio Real Estate Exchange region, which includes Mahoning, Trumbull and Columbiana counties, has increased by 11.6 percent compared with 2012 figures.
Statewide, the number of homes sold rose 16.2 percent in May as the market posted year-over-year gains in activity for the 23rd-consecutive month, according to the Ohio Association of Realtors.
“With each passing month, the Ohio housing market is continuing to make significant, steady progress in its effort to fully recover from the economic challenges wrought by the recession,” said Thomas J. Williams, president of the association. “Attaining 23-consecutive months of gains in sales activity — our longest stretch in uninterrupted growth in 16 years of tracking Ohio home sales — is a clear indicator of growing consumer confidence and a renewed appreciation that housing is a solid, long-term investment.”
Sales through the first five months of 2013 reached 48,255, a 15.8 percent increase from the 41,665 sales posted during the same period a year ago.
The average sales price from January through May this year is $133,747, a 6.3 percent increase from the $125,846 mark set during the period a year ago.
Data provided to OAR by Multiple Listing Services includes residential closings for new and current single-family homes and condominiums.