Valley Home Sales Improve over 2019, New Listings Still Down
YOUNGSTOWN, Ohio — Across the 18-county region, housing listings sold, dollar volume sold and average sale prices are all up year-over-year, though new listings are still a trouble spot as 2020 nears its end.
In October, sales of single-family houses in the region increased to 4,968, up 5.9% from September, according to data from Yes-MLS. That’s also up 20.9% from 4,109 sold in October 2019.
Year to date, sales in the region, which includes Mahoning, Trumbull and Columbiana Counties, stand at 39,617, up 3.4% from 38,322 over the same period last year. Similarly, dollar volume sold so far this year is up 12.3% over 2019, and average sale price is up 8.6%.
With the exception of Columbiana County, monthly sales in the Mahoning Valley were down from September, but those metrics are still very much improved over 2019, with year-to-date numbers up as well.
Mahoning County led the tri-county area in October with 302 listings sold, just one fewer than in September. That’s up from 264 in October 2019, a 14.4% increase. Year-to-date, 2,355 listings have been sold, up 2.3$ from 2,303 in 2019.
At 340, new listings in October were higher than in September when there were 321, and were up slightly from October 2019 when 338 were reported. Year-to-date, however, the county’s new listings are down 14.8% to 2,838.
The average sale price in Mahoning County was $161,753 in October, down from $172,799 in September, but way up from $129,082 in October 2019.
In Trumbull County, 215 listings were sold with an average sale price of $129,731. That compares to 224 listings sold in September with an average sale price of $136,496. Sales were up 9.7% from 196 listings sold in October 2019. Year-to-date, sales stand at 1,763, up slightly from 1,736 from the same time last year.
New listings were at 270 in October, up from 225 in September, and up 21.1% from 223 in October 2019. Year-to-date, the county reports 2,174 new listings, a 9.2% drop from 2,395 during the same period last year.
Columbiana County recorded 95 sold in October, five more than in September, and improved by 23.4% from the 77 sold in October 2019. The average sale price for October was $133,721, down from $149,400, but an 18.9% improvement from $112,491 in October 2019. Year-to-date, sales dipped just 0.9% to 972 this year.
For the month, new listings were up to 107 from 94 in September, though still down from 122 in October 2019, a 12.3% decline. Year-to-date, new listings are down 16.1% to 972, compared to 1,159 the same time last year.
Nationally, the number of Americans signing contracts to buy homes fell for the second consecutive month as lack of available homes continues to stifle house hunters.
The National Association of Realtors said Monday that its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September. An index of 100 represents the level of contract activity in 2001.
Thanks to a red-hot summer, contract signings are still 20.2% ahead of where they were last year after lagging in spring due to the coronavirus pandemic. Contract signings are a barometer of finalized purchases over the next two months.
Three out of four regions saw declines in contract signings, with only the South logging a small gain.
Historically low interest rates are drawing prospective buyers into the market, but home prices have risen significantly the past year as supply remains near all-time lows.
Mortgage finance giant Freddie Mac reported last week that the average rate on the 30-year fixed-rate home loan remained at a record low 2.72%.
The median price for an existing single-family home reached $313,000 in October up almost 16% from October 2019. The median price of a new home sold in October was $330,600, according to the Commerce Department.
The Associated Press contributed to this article.
Pictured In this Sept. 29, 2020 file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, N.H. The number of Americans signing contracts to buy homes fell for the second straight month as lack of available homes continue to stifle house hunters. The National Association of Realtors said Monday, Nov. 30 that its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September. (AP Photo/Charles Krupa, File)
Published by The Business Journal, Youngstown, Ohio.