The rate of homes sold across Ohio in August reached a record-breaking level, increasing 4.2 percent from the mark posted during the month a year ago, according to Ohio REALTORS.
"The Ohio housing market is continuing to experience a solid level of sales activity and steady, modest growth in pricing," said Ohio REALTORS President Pete Kopf. "It's evident, based on August's record-breaking level of activity, that the desire to achieve the American Dream of home ownership is strong across Ohio.
"Further, Ohio's REALTOR community remains hopeful that we will begin to experience a rise in the number of homes being listed for sale so that we can continue to move the marketplace forward."
August's average home price of $178,675 reflects a 6.2 percent increase from the $168,303 mark posted during the month last year.
Sales in August reached a seasonally adjusted annual rate of 150,657, a 4.2 percent increase from the 144,627 level reached during the month a year ago. The rate of sales recorded in August 2017 reached a best-ever level for the month, surpassing the month's previous record set in 2005 (148,277).
The market also experienced a 2.7 percent increase in sales from the July seasonally adjusted annual rate of 146,762.
Around the state, 11 of the 18 markets tracked reported upswings in average sales price. Similarly, the rate of homes sales increased in 11 markets compared to August 2016.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 31,000 members, is the largest professional trade association in Ohio. The methods of addressing OAR's reporting of home sales activity is available at www.ohiorealtors.org