May Home Sales in the Valley Decline from a Year Ago

YOUNGSTOWN, Ohio – Sales of houses in the Mahoning Valley in May were down from a year ago, the MLS Now database reported Thursday.

The multiple listing service, which compiles data on sales in 23 Ohio counties, showed real estate agents in Mahoning, Trumbull and Columbiana counties last month sold 430 units, down from the 466 units sold in the three counties a year earlier.

In Mahoning County, 198 houses were sold in May, compared with 210 the year before, according to the online reports. In Trumbull County, 160 units were sold last month, compared with 180 in May 2022. In Columbiana County, 72 houses were sold last month, down four from the 76 sold a year ago.

The total value of the houses sold in May was up in both Mahoning and Columbiana counties but fell in Trumbull County, where sales declined from $28 million in May 2022 to $27.8 million last month. 

Sales in Mahoning County last month totaled $40.3 million, up from $36.9 million in May 2022. Total dollar volume was $14.5 million in Columbiana County last month, up from $13.4 million a year earlier.

Average sale prices improved year-over-year in all three counties.

The average sale price in Mahoning County last month was $203,304, up nearly 16% from $175,622 in May 2022. Columbiana County’s average sale price last month was $201,727, up from $176,650 a year earlier.

The average sale price in Trumbull County in May was $173,552, up from $155,672 a year earlier.

Sale prices ranged from $16,900 to $1.5 million in Trumbull County, from $13,250 to $950,000 in Mahoning County and from $20,000 to $724,999 in Columbiana County.

The number of homes sold throughout Ohio in May fell from the pace set during the month a year ago, while average prices continued to rise, according to Ohio Realtors.

Home sales in May reached 12,082, a 16% decline from the 14,387 sales recorded during the month a year ago. The average sales price across Ohio in May reached $280,392, a 1.5% increase from the $276,304 mark posted in May 2022. 

“The persistent challenge of low inventory levels of homes being marketed for sale has hampered activity across Ohio,” Ralph Mantica, Ohio Realtors president, said. 

Despite inventory issues, agents “remain bullish on the state’s housing marketplace – as mortgage interest rates have stabilized and average prices continue to reflect consumer confidence that housing is a wise, long-term investment,” Mantica said.

Year-over-year, sales nationwide dropped 20.4%, down from 5.40 million in May 2022, the National Association of Realtors reported.

Published by The Business Journal, Youngstown, Ohio.