Home sales and prices throughout Ohio and Illinois gained strength in August, according to Realtor associations in both states.
Ohio home sales reached a record-shattering 15,605 in August, a 9 percent increase from the prior best of 14,318 sales recorded during the month last year, the Ohio Association of Realtors reported. The month’s average sales price of $164,735 is a 5.1 percent increase over the August 2004 average sales price of $156,783.
Ohio sales of new and existing homes this year (January-August) totaled 98,874, a 5.2 percent increase from the previous best-ever of 93,969 sales posted during the period a year ago.
In Illinois, there were 19,957 total home sales in August, up 8.6 percent from 18,384 sales in August 2004. The Illinois median home price in August was $215,000, up 11.1 percent from $193,500 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.
Total home sales year-to-date (January through August) show an overall increase of 2.5 percent to 125,482 homes sold, compared with 122,404 sales in the first eight months of last year.
Illinois’ single-family home sales were up 6.4 percent in August 2005 to 13,831 homes sold from 12,993 in August 2004. The median single-family home price in August was $217,000 up 11.3 percent from $195,000 a year earlier.
Statewide, 6,126 condominium sales were reported in August 2005, up 13.6 percent from 5,391 sales in the same month last year. The condo median price for August was $210,000, up 9.4 percent from $192,000 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 8,811, up 5.6 percent from 8,341 home sales in August 2004. The median single-family home price for the Chicagoland PMSA was $279,900, up 10.4 percent from $253,490 in August 2004.
Condominium sales in the Chicagoland PMSA rose 13.3 percent in August 2005 to 5,870 units sold, while the condo median sales price increased 10.3 percent to $215,000. In August 2004 condo sales for the Chicagoland PMSA totaled 5,183; the median price was $195,000.
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