Rising interest rates slow Ohio home sales

The number of homes sold throughout Ohio in October slid from the pace set during the month a year ago, while average sales prices continued to post gains, according to Ohio Realtors.

Homes sales in October 2022 reached 12,181, a 22.8% drop from the 15,774 sales recorded during the month a year ago. Meanwhile, the average sales price across Ohio in October reached $255,725, a 6.3% increase from the $240,494 mark posted during the month in 2021.

“The Ohio housing marketplace is transitioning as rising interest rates have slowed sales activity among would-be buyers,” said Ohio Realtors President John Mangas. “The market shift is helping to boost inventory levels of homes listed for sale in most markets throughout the state, which will provide buyers with expanded options to meet their housing needs and play an integral role in creating a more balanced, stable marketplace.”

Around the state, 13 of the 14 of markets tracked experienced an increase in the average price for the month compared to October 2021, while all markets posted a decline in sales activity.

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

Ohio Realtors, with more than 37,000 members, is the largest professional trade association in Ohio.