Home sales on 2018 pace in Mahoning County

YOUNGSTOWN — Sales of single-family homes in Mahoning County through September are narrowly off the pace set in 2018, but they are selling for more money and spending less time on the market.

There were 2,105 closed sales through September, one off from the same period last year, according to Yes-MLS, a multiple listing service in northeast Ohio that also reports the homes sold for a median price of $110,000, or 7.3 percent more than homes sold through September 2018.

New listings over the period rose 1.8 percent, from 2,938 to 2,991 and the days on the market fell 9.5 percent, from 95 to 86.

Compared to September 2018, new listings were up 8.8 percent, from 306 to 333; closed sales were up 1.2 percent, from 248 to 251, and the number of days on the market remained at 74. The median price rose 5.5 percent, from $109,000 to $115,000.

Compared to August, new listings fell 12.8 percent from 382; closed sales fell 13.7 percent from 291; days on market fell 2.6 percent from 76; and the median sales price fell 3.9 percent from $119,750.

In Trumbull County, there were 1,580 closed sales countywide, up 0.7 percent from 1,569 last year and the median sales price of $101,750 is up 10.7 percent from $91,950.

New listings are down 2.5 percent, from 2,223 through September 2018 to 2,167 through September, but the available stock is moving faster — seven days, or 7.3 percent, quicker than through the same nine months last year.

The average amount of time a house was on the market through September was 89 days. It was 96 days last year.

Closed sales, new listings and the median sales prices rose in September compared to September 2018 while the days a home was listed for sale was stagnant at 74.

There were 182 closed sales, up 7.7 percent from 169; 247 new listings, up 17.6 percent from 210; and the homes sold for a median price of $112,500, up 21 percent from $93,000.

Compared to August, new listings were down 2.3 percent from 253; closed sales were down 8.5 percent from 199; the number of days on the market fell 7.5 percent from 80; and the median sales price grew 19 percent from $94,500.

U.S. new home sales fell slightly in September with all regions of the country except the Midwest showing declines.

The U.S. Commerce Department reported sales of new homes fell 0.7 percent following a big 6.2 percent surge in sales in August.

Many economists had expected sales to keep rising in September, reflecting declining mortgage rates and ultra-low unemployment. However, the housing industry is combating a variety of factors that are holding back growth ranging from a shortage of construction workers to a lack of available land for new homes.

The median price of a new home fell 7.9 percent last month to $299,400, down from an August price of $325,200.

The National Association of Realtors reported sales of previously owned homes, the biggest part of the market, fell 2.2 percent in September with rising prices and lower inventories blamed for the decline.

The Associated Press contributed to this story.