Ohios June Housing Report Shrinking Inventory Rising Prices And A Quicker Sales Pace

Ohios June Housing Report Shrinking Inventory Rising Prices And A Quicker Sales Pace

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Ohio’s June Housing Report: Shrinking inventory, rising prices and a quicker sales pace

On July 6, 2017

By Carl Horst, Ohio REALTORS Director of Publications/Media Relations

The latest review of the Ohio housing marketplace shows rising list prices and a quickened pace of sales compared to June 2016. Overall, the Buckeye State is continuing to confront the challenges posed by extremely tight inventory levels of homes listed for sale.

The headline from realtor.com’s June 2017 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for cities across the country, is that the market is experiencing the longest housing inventory decline in two decades. More:

According to new data from realtor.com, there were 11 percent fewer homes on the market in June 2017 than during the same time last year, marking 24 consecutive months of year-over-year inventory declines — the longest such streak in two decades. Residential real estate prices also remained at historic highs, with homes selling for 9 percent more in June than a year previously even as the pace of sales picked up.

The median age of property listings on realtor.com in June is 60 days, which indicates that properties are selling five days faster than this time last year and at roughly the same pace as last month. Earlier in the spring, the nationwide median home list price pushed above $250,000 for the first time. Now $275,000, the median list price is 9 percent higher than one year ago.

The total number of homes for sale has gone up during the beginning of the summer home-buying season, as is typical, but it remains substantially lower than one year ago. Approximately 536,000 new listings hit the market in June, a slight jump over last year. However, those homes are concentrated on the higher end of the market, failing to offer relief to the mid- and lower-price ranges where demand is greatest.

“We have now gone 24 months in a row seeing the number of homes drop on a year-over-year basis, the longest streak in more than two decades.” said Javier Vivas, manager of economic research at realtor.com. “And more markets than ever are struggling with inventory problems; in 80 percent of markets there are fewer homes for sale currently than this time last year.

“It’s good to see that more homes are coming onto the market, but the bulk of those homes are too pricey for the largest, most desperate group of buyers. With no clear indication that newly built homes will be able to provide short-term relief soon, there appears to be no end in sight for the inventory shortage” Vivas added. The market will likely remain very challenging for would-be buyers throughout the summer.”

June 2017 vs. June 2016

List Prices Active Listings Days on Market
U.S. Average 10% -8% -11%
     Ohio Markets

Akron 15% -17% -10%
Ashtabula 4% -19% 5%
Canton-Massillon 5% -11% -6%
Chillicothe 2% -14% -4%
Cincinnati 22% -23% -15%
Cleveland-Elyria 10% -14% -12%
Columbus 32% -57% -16%
Dayton 7% -22% -28%
Findlay 11% -21% -32%
Lima -18% -24% -11%
Mansfield 12% -32% -20%
Marietta 3% 17% 0%
New Philadelphia-Dover 8% -11% -2%
Portsmouth 0% -8% -28%
Salem -2% -1% -8%
Sandusky 1% -21% -31%
Springfield -9% -18% -9%
Steubenville-Weirton, WV 1% -3% -23%
Toledo 10% -14% -15%
Wooster 6% -13% -19%
Youngstown-Warren-Boardman 11% -11% -18%
Zanesville 10% -10% 3%

“The low inventory levels in markets across Ohio continues to pose a significant challenge,” said Ohio REALTORS President Pete Kopf. “The shortfall in inventory is pushing list prices higher and a key factor in quickening the pace of sales we’re experiencing in nearly every market throughout the state.”

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