Regional July home sales by the numbers
405 sales of homes closed in July
$107,051 average sales price of July homes sold
12 consecutive months of year-over-year increases in number of homes sold
*Covers seven-county region of Auglaize, Champaign, Clark, Logan, Mercer, Miami and Shelby counties
SOURCE: Ohio Association of Realtors
Home sales in the region rose more than 12 percent this July versus July 2011 as the local housing market continues to show signs of strength, Ohio Association of Realtors said Wednesday.
Real estate agents in Champaign, Clark and other area counties closed on sales of 405 houses last month, according to the state Realtors group. In July 2011, 359 homes sold in the seven-county region.
Sales of existing single family homes and condominiums in the seven-county region have been higher every month than the same month the year before for 12 consecutive months in July, according to the state Realtors group.
The average sales price in July was $107,051 in the area of Auglaize, Champaign, Clark, Logan, Mercer, Miami and Shelby counties. Prices increased about 3 percent from July of last year when the area’s average sales price for a home was $103,681, also according to the group. Prices are an indication of homeowner wealth.
“We’re seeing more activity because people are taking advantage of low interest rates and they realize these rates are not going to stay down at this level forever. I think they also realize there’s been a terrific adjustment in the price range. Our average pricing has gone down 20 to 30 percent from where it was three years ago,” said Jim Roediger, broker/owner of Roediger Realty Inc. of Springfield.
Fixed mortgage rates seemed to drop every week this spring, but broke their streak in recent weeks. But the national average of 3.62 percent for a fixed 30-year home loan as of Aug. 16 is still considered historically low, according to the Freddie Mac Primary Mortgage Market Survey. A year ago the 30-year rate was 4.15 percent.
Summer months are normally a busy time for buying and selling houses, he said. However, he expects August to be slower than July for home sales with the school year starting up.
Interest rates are expected to stay low through 2014, but local housing markets aren’t out of the woods yet. Unemployment rates released this week by Ohio Department of Job and Family Services show jobless levels are still more than 7.5 percent in Champaign and Clark counties.
“We have two challenges. One challenge is just processing through the lenders. The lenders are taking longer than they were two years ago or even three years ago … Our other challenge is our more expensive homes. We have quite a selection of houses from $400,000 to $1.5 million, but that market is very difficult. So we’re not seeing a lot of activity in the more expensive market,” Roediger said. “The most activity is anywhere up to $150,000.”
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