Realtors Report Lower March Home Sales in Mahoning Valley

YOUNGSTOWN, Ohio – Sales of houses in Mahoning, Trumbull and Columbiana counties last month all were down from a year earlier, reflecting state and national trends.

The March sales numbers distributed by the Youngstown Columbiana Association of Realtors showed unit sales were down year-over-year by 16.1% in Columbiana County and 15% in Trumbull County, while Mahoning County’s sales were down a more modest 8.6%.

The National Association of Realtors reported existing home sales were down 22%, while the Ohio Realtors reported sales were down 8.5%.  

“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” Lawrence Yun, NAR chief economist, said in a news release announcing the national numbers. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”

In Columbiana County, 47 houses were sold in March, down from 56 a year earlier. In Trumbull County, 153 were sold during the same period, compared with 180 in March 2022. In Mahoning County, 223 houses were sold last month, off from 244 a year earlier.  

The total value of the houses sold in the three counties last month also was down from a year earlier.

In Mahoning County, March house sales totaled $37.9 million, down 9.7% from the $41.9 million posted a year earlier. Trumbull County reported a steeper drop, 18.7%, with March sales totaling $22.8 million compared with just over $28 million a year earlier.

Columbiana County posted sales volume of $7.8 million in March, down 5.8% from $8.3 million a year ago.

The average sale price in Columbiana County was up year-over-year, while it declined in Mahoning and Trumbull counties.

Columbiana’s average sale price in March was $165,881, up 12.3% from $147,752 a year earlier. Trumbull’s average sale price was $149,040 in March, down 4.4% from March 2022. Mahoning County’s $169,853 average selling price last month was off 1.1% from $171,812 a year earlier.

“Ohio’s housing market continued to face the challenges of a higher mortgage rate environment, combined with ongoing tight inventory levels of homes listed for sale in March,” Ralph Mantica, Ohio Realtors president, said in a release. “However, we are beginning to see an uptick in homes being marketed for sale in many Ohio marketplaces and a stabilization of interest rates, providing improved conditions as we enter into the traditional spring home buying season.”

Published by The Business Journal, Youngstown, Ohio.