End of summer home sales heat up

Central Ohio home sales in August were up almost nine percent over last year putting some real sizzle into the late summer selling season. Over 2,875 homes sold last month, up 8.9 percent from the 2,639 homes sold in August 2004 according to the Columbus Board of REALTORS®.

"Closing activity was fair but not great in June and July, which reflects more on home buying activity in the spring months," says Doug McCloud, President of the Columbus Board of REALTORS®. "But August sales jumped up significantly - a direct reflection of vigorous showing and selling activity in the early summer months."

According to McCloud, there are already over 2,200 homes under contract midway through September suggesting that closings at month's end will again be exceedingly good.

Homes sold for an average of $183,572 in August which is 5.7 percent higher than homes were selling for in August of 2004. The average sale price year to date (January through August) is $179,551.

"As the average price of a home varies significantly from month to month depending on how many homes sold in the higher and lower price ranges, we rely more heavily on the average price year to date," says McCloud. "However, this month the average price is right in line with the average price for the first eight months combined which is 5.6 percent higher than last year.

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Marketplace poised to shatter all previous best-ever marks...

Home sales activity throughout Ohio remains strong, with the market posting a record-breaking level through August, according to statistics provided by the state's largest Multiple Listing Services.

"The fact that the marketplace has be able to sustain a record-breaking sales pace during the first eight months of the year is ample proof that the American Dream of homeownership is alive and well in the Buckeye State," said OAR President Jim West. "Housing continues to be a true bright spot in the overall economic picture."

Statewide sales of new and existing homes this year (January-August) total 98,874, a 5.2 percent increase from the previous best-ever of 93,969 sales posted during the period a year ago.

The state's average sales price of $155,144 marks a 2.3 percent increase from the $151,701 average price posted a year ago. The year-to-date dollar volume of $15.3 billion through the first eight months of the year is 7.6 percent ahead of the $14.2 billion mark posted in 2004.

Sales reached a record shattering 15,605 in August, a 9.0 percent increase from the prior best of 14,318 sales recorded during the month last year.

The data provided represents home sale activity reported by Ohio's Multiple Listing Services to OAR. The report reflects reported closings by MLSes, including new and existing single-family homes and condominiums/co-ops.

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Home sales down slightly in June

Home sales last month were down slightly from the previous year but still ahead for the first half of 2005 according to the Columbus Board of REALTORS® Multiple Listing Service. The 2,766 residential homes sold in June 2005 was down 2.2 percent from the previous year. However, sales for the first six months (January – June, 2005) are still ahead by .5 percent.

“Although sales are down slightly last month, we need to consider that sales in June of 2004 jumped 18 percent over the previous year,” says Doug McCloud, President of the Columbus Board of REALTORS®. “The jump in sales last year was due to closings resulting from contracts written when interest rates hit their lowest in spring of 2004.”

The report for home price appreciation, however, is quite favorable. The average sales price in June of 2005 was $192,642, up 5.4 percent from the previous year.

According to McCloud, the average sale price for the first half of 2005 is $177,347 which is up 5.2 percent over the same period last year. “All tolled, REALTORS® have helped sell over $2.2 billion in residential property this year, which is already more than was sold during the entire year in 1997.”

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