Home sales stay ahead of 2018 pace in county
WARREN — Sales of single-family homes in Mahoning County through October continue to remain slightly ahead of the pace set for the same period last year and they are selling for more money.
There were 2,379 closed sales through October, up 1.2 percent from 2,350 for the same period last year, according to Yes-MLS, a multiple listing service in northeast Ohio.
The homes sold for a median price of $110,000, or 6.8 percent more than homes sold through October 2018, the numbers show.
Meanwhile, new listings over the period rose 1.6 percent, from 3,274 to 3,327, and the days on the market fell 7.5 percent, from 93 to 86.
Compared to October 2018, new listings fell a slight 0.3 percent, from 336 to 335; closed sales were up 12.3 percent from 244 to 274; and the median sales price rose 0.5 percent, from $107,250 to $107,750. The homes stayed on the market longer — 10.4 percent longer, from 77 to 85 days.
Compared to September, new listings rose 0.6 percent from 333; close sales increased 9.1 percent from 251; the number of days on market rose 14.8 percent from 74; and the median sales price fell 6.3 percent from $115,000.
In Trumbull County, there 1,781 closed sales countywide, up 0.9 percent, from 1,765 in 2018. The home sold for a median sales price of $103,000 is up 12.2 percent from $91,818.
New listings are down 3.5 percent, from 2,474 through October 2018 to 2,388 through October, but what’s on the market is moving faster — seven days, or 7.3 percent, faster than through the same 10 months in 2018.
The number of days a home sat on the market through October was 89. It was 96 days last year.
Closed sales and the median sale price rose in October compared to October 2018 while new listings fell. The amount of time a home was for sale also fell.
There were 200 closed sales, up 2 percent from 196; 221 new listings, down 12 percent from 251; and the homes sold for a median price of $109,000, up 22.5 percent from $89,000. Homes were on the market for 87 days, down 3.3 percent, or three days.
Compared to September, new listings were down 10.5 percent from 247; closed sales were up 9.8 percent from 182; the number of days on the market rose 17.5 percent from 74; and the median sale price dipped 3.1 percent from $112,500.
Across the U.S., sales of new homes dipped slightly in October compared with September, but remain well above levels of a year ago.
The annual rate of single-family new-home sales slipped 0.7 percent last month to a seasonally adjusted 733,000, according to the U.S. Commerce Department. The decline followed robust gains of 4.5 percent in September and 7 percent in August.
The Northeast suffered the biggest drop-off in sales last month at 18.2 percent. Purchases dropped 3.3 percent in the South. They rose 7.1 percent in the West and 4.2 percent in the Midwest.
Overall, new home sales in October were up a hefty 31.6 percent compared with a year ago. Sales have been fueled in part by falling mortgage rates, which have been trending lower since the Federal Reserve switched from raising its benchmark rate four times last year to cutting rates three times this year.
The median price of a new home sold in October was $316,700, 3.7 percent higher than a year ago.
The National Association of Realtors reports sales in the much bigger market for existing homes rose 1.9 percent in October to a seasonally adjusted 5.46 million. That level was 4.6 percent higher than a year ago.
The Associated Press contributed to this report.