Sold Listings up in Valley, Bucking Regional Decline
YOUNGSTOWN, Ohio — Sales of single-family houses were up in September in the Mahoning Valley, despite a 2.3% drop in the 18-county statistical area, which includes Mahoning, Trumbull and Columbiana counties.
Mahoning County led the tri-county area in September with 303 listings sold, up from 266 in August, according to data from Yes-MLS. That’s also up from 244 sold in September 2019, a 24.2% increase. The average sale price in September was $172,799, down from $175,704 in August.
New listings, however, dropped slightly to 321 from 325 the month prior. New listings are also down year-over-year from 333, a 3.6% drop.
In Trumbull County, 244 listings were sold with an average sale price of $136,496. That compares to 223 listings sold in August with an average sale price of $129,518. Sales were up 38.6% from 176 listings sold in September 2019. New listings were at 225 in September, down from 265 the prior month.
Columbiana County recorded 90 sold listings for the month, up from 85 in August, and up 16.9% from 77 sold in September 2019. The average sale price was $149,400, up from $141,904 in August.
New listings in Columbiana County were down to 94 from 102 in August, and down from 106 in September 2019.
Nationally, sales of new homes fell by 3.5% in September to a seasonally-adjusted annual rate of 959,000 million units, the U.S. Commerce Department said Monday, as the housing market’s summer buying season came to a close.
Despite the modest decrease nationally, sales of new homes are up 32.1% from a year earlier, as the housing market remains strong despite the pandemic.
The housing market, like most of the economy, came to a near standstill in March and in April, causing the typical spring summer buying season to be delayed until the summer.
Once economies reopened, pent up demand translated into sales of both new and existing homes, driving home prices in many places to record highs. In July, home sales spiked 13.9%.
New home sales for August were revised downward to 994,000 from a previously reported 1.01 million units.
The median price of a new home sold was $326,800, according to the Commerce Department.
The Associated Press contributed to this article.
Pictured: A for sale sign stands in front of a house, Tuesday, Oct. 6, 2020, in Westwood, Mass. U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time this year. Home loan rates have notched a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. (AP Photo/Steven Senne)
Published by The Business Journal, Youngstown, Ohio.