Home sales increase nearly 20% in May

Staff report

Activity across the Ohio housing marketplace was brisk in May, as sales increased 19.8% from the level reached during the same month a year ago, according to Ohio REALTORS.

Home unit sales in May 2021 reached 14,130, a 19.8% jump from the 11,790 sales recorded during the month last year. The average sales price across Ohio in May reached $243,641, an 18.1% increase from the $206,240 mark posted during the month in 2020.

“The Ohio housing market maintained its momentum in May, as both sales activity and values experienced healthy gains,” said Ohio REALTORS President Seth Task. “The May results are a clear indication that the traditional spring home buying season is in full bloom.

“Consumers are determined to achieve their ownership dreams despite the challenges that our current marketplace presents with historically low inventory levels throughout most markets,” Task said. “We remain bullish that as our state and nation collectively work toward putting the pandemic in our rear-view mirror, we will see an uptick in homes listed for sale and bring balance to the marketplace. Both Ohio REALTORS and the National Association of REALTORS are working with industry partners in collaboration with local, state and federal governments to explore ways to solve the current inventory shortage.”

Around the state, 12 of the 16 markets tracked experienced an increase in average price for the month compared to May 2021. Additionally, 12 local markets showed an increase in sales activity compared to a year ago.

Sales through the first five months of 2021 reached 58,829, a 10.7% increase from the 53,155 sales posted during the same period a year ago. The average sales price year-to-date of $226,291 is a 15.1% increase from the January to May 2020 mark of $196,684.

Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.

Staff report