Home sales dip in Ohio

Home sales activity across the Ohio marketplace dipped in November, while average prices continued to rise, according to Ohio REALTORS.

Homes sales in November 2022 reached 10,629, a 25.6% decrease from the 14,293 sales recorded during the month a year ago. The average sales price across Ohio in November reached $252,167, a 4.9% increase from the $240,442 mark posted during the month in 2021.

“Rising mortgage interest rates dampened consumer demand, slowing overall sales activity in all Ohio markets in November,” said Ohio REALTORS President John Mangas. “Despite the downturn in sales, the marketplace continued to experience an uptick in average price – a clear indication of consumer confidence that housing is a wise, long-term investment.”

Around the state, seven of the 14 markets tracked experienced an increase in average price for the month compared to November 2021. Additionally, all of Ohio’s local markets posted a decline in sales activity compared to a year ago.

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