The number of homes sold across Ohio in May fell 25 percent from the pace set during the month a year ago, as the market was affected by the COVID‐19 pandemic and Ohio’s Stay‐At‐Home order, according to Ohio REALTORS®.
“The economic slowdown caused by the state’s Stay‐At‐Home order from late March into May has understandably caused a temporary disruption to home sales activity,” said Ohio REALTORS® President Chris Reese. “It’s important to note that the listings that are on the market are attracting buyers and boosting home prices.
“Record‐low mortgage rates, which are likely to remain in place for the rest of the year, will be the key factor driving housing demand as Ohio’s economy reopens,” Reese added. “Still, more listings and increased home construction will be critical in meeting market demands.”
May’s average home price of $206,141 reflects a 2.5 percent increase from the $201,104 mark posted during the month last year.
Sales in May reached 11,794, a 25 percent decrease from the 15,723 sales recorded during the month a year ago.
Through the first five months of the year, sales activity is lagging the pace posted in 2019. Sales from January through May reached 53,330, a 7.2 percent decline from the 2019 mark of 57,330 sales. The year‐to‐date average sales price of $196,390 reflects a 5.7 percent increase from the same five‐month period in 2019.
Around the state, 13 of the 19 markets tracked reported upswings in average sales price in May, while all but one 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 33,000 members, is the largest professional trade association in Ohio.
And remember, the next time you’re in the market to buy or sell your home, contact a REALTOR® member of the Lorain County Association of REALTORS®. A REALTOR®'s knowledge about your local housing market is invaluable.
If you are thinking about buying or selling a home, contact a professional REALTOR® today. Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support. Lorain County offers a wide variety of housing choices.
Do your research and take advantage of the many housing opportunities right here in Lorain County. We are fortunate to live in a region with such vast offerings. From big to small, country to city... it's available in Lorain County! Our proximity to highway and freeway access provides great commute options both east and west! Contact your LoCAR REALTOR® member today.
The Lorain County Association of REALTORS® is an industry trade association representing licensed real estate sales agents in Lorain County who are members of the National Association of Realtors® (NAR) and the Ohio REALTORS® (OR). As members of NAR these licensed real estate agents have earned the REALTOR® designation and they pledge to protect the rights of homeownership and conduct their real estate business abiding by the NAR Code of Ethics.
The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.4 million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Association.