Year-over-year home sales throughout southwest Ohio continued to rise in August by double-digit percentages. However, sales prices showed signs of flattening in the Cincinnati and Dayton markets.
Local boards of realtors released Thursday morning their monthly home sales reports, showing early estimates on the status of a key segment of the economy.
The number of homes sold have increased from the prior year for 26 consecutive months in the Cincinnati market, the Cincinnati Area Board of Realtors said Thursday. Last month, 2,435 homes sold in Cincinnati, a 24.5 percent rise from sales of 1,956 homes in August 2012. The change in average sold price was flat; homes sold in August for an average $171,417 compared to $170,620 a year ago.
“Each month is a little bit better. More homes are selling but the price is not back to the normal escalation that it used to be. Sellers are having to take less for their homes than they want, but they’re starting to realize if they want to sell that’s what they have to do,” said John Holbrock, 2013 president of Hamilton-Fairfield-Oxford Board of Realtors and co-owner of Hamilton real estate firm Realty First.
“The properties will sell if the buyer is willing to take the best offer,” Holbrock said.
In the Dayton area, the number of homes sold last month, 1,337, was unchanged from July and up 19.4 percent compared to 1,120 homes sold in August 2012, according to Dayton Area Board of Realtors.
The Dayton-area average sales price in August was $129,065, down nearly 3 percent from the year-ago average sold price of $132,621, according to the realtors group.
The Dayton area for the purposes of the realtors group covers Greene, Montgomery and Preble counties and parts of northern Butler and Warren counties.
Also in the region that includes Springfield, the number of homes sold increased 23 percent year-to-year, according to Ohio Association of Realtors. In the seven-county region including Champaign and Clark counties, 547 homes were purchased in August. The same area saw sales of 446 units in August 2012. Prices in the larger Springfield area grew by 3 percent, going from houses selling for an average $109,732 in August 2012 to $113,422 last month.
By the numbers, August home sales
Cincinnati: 2,435 homes sold; $171,417 average price
Dayton: 1,337 homes sold; $129,065 average price
Western Regional Information Systems & Technology: 547 homes sold; $113,422 average price