Ohio home sales were up 4.2% in August from the same month a year ago, another sign that the fallout from the coronavirus pandemic may be fueling a competitive housing market.
Numbers released by the Ohio Realtors trade association showed that 16,311 homes were sold last month, compared to 15,656 homes sold in August 2019. The average home price was $222,797, a 12.3% increase from the same month last year, according to a news release.
In Cuyahoga County, 1,776 home sales closed last month, up more than 10% from 1,612 homes sold in August 2019, according to the Independence-based regional listing service Yes-MLS. The average sale price was $206,005, down from $210,078 in the same month last year.
In addition, homes were on the market for an average of 48 days, 10 days less than in August 2019.
The numbers show what many people selling their homes and prospective buyers have said as of late: that the market is fiercely competitive. It is an ideal time for sellers who are selling homes often with multiple competitive bids above the asking price. Many buyers, meanwhile, have learned that they need to act quickly, as other buyers snatch up houses as soon as 24 hours after hitting the market.
All of this is happening in the middle of a pandemic that put millions out of work and slowed down the housing market earlier this year.
Real estate agent haves said the pandemic has affecting home purchases in myriad ways. For one, the recession that followed the pandemic led the Federal Reserve to slash interest rates to their lowest in a half-century. Others said clients are thinking about having more space, either because they are working from home or trying to still see friends and family while social distancing.
In Cuyahoga County, the scarcity of affordable new construction has also fueled demand.
Ohio Realtors said it saw gains across the state. All 16 regions it tracks reported an increase in the average home sales price, while 10 regions saw more sales activity. Overall, home sales in the state are down 2% in the first eight months of 2020 compared to the same period last year.
