Local housing market experiences drop-off

By John Bush - [email protected]

LIMA — The regional housing market experienced a drop-off in October, as units sold, dollar volume and average sale price were all down from September.

According to the Ohio Association of Realtors, the number of residential properties sold in the organization’s West Central region — Allen, Hardin and Van Wert counties — dropped 16.4 percent, from 207 in September to 173 in October. Average sale price saw a decrease of $2,680 — $111,480 in September to $108,800 in October — and dollar volume went from $23.1 million to $18.8 million, an 18.4 percent decline.

Aside from average sale price, October’s housing numbers were also down from the same month last year. The number of units sold fell by 2.3 percent and dollar volume declined by 0.5 percent. Average sale price increased by 1.8 percent.

Though the area housing market took a hit in October, the number of units sold, dollar volume and average sale price have all improved through the first 10 months of 2016. Units sold jumped 18.1 percent from January through October 2015 to the same time period in 2016. In addition, dollar volume increased 24.1 percent and average sale price rose 5.1 percent.

Across Ohio, the rate of homes sold reached a best‐ever in October, increasing 7.8 percent from the level recorded during the same month a year ago, according to the OAR.

“Activity throughout the Ohio housing market was beyond positive in October, as the pace of sales during the month reached the highest rate for any monthly period in 19 years,” said OAR President Sara Calo. “Equally as important as the uptick in sales is the average sales price continuing to post modest monthly gains. It’s evident that consumer confidence in the housing sector continues to be remarkably strong.”

Calo added that October’s average home price of $163,279 reflects an 8.8 percent increase from the $150,036 mark posted in October 2015.

Sales in October reached a seasonally adjusted annual rate of 156,872, increasing 7.8 percent from the October 2015 rate of 145,561. The market saw an uptick in activity in October of 3.8 percent from September’s mark of 151,100. Sales activity in October 2016 was the month’s best rate since OAR began tracking Ohio’s sales in 1998.

Around the state, 15 of the 18 markets reported increases in average sale price, while 12 improved in sales activity compared to October 2015.

By John Bush

[email protected]

Reach John Bush at 567-242-0456 or on Twitter @bush_lima

Reach John Bush at 567-242-0456 or on Twitter @bush_lima

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