Trumbull home sales steady, selling for more
WARREN — Sales of single-family homes in Trumbull County through August are keeping the pace set for the same eight months last year, and they’re selling at a faster clip and for a higher price.
There were 1,398 closed sales countywide, down just 0.1 percent from 2018, according to Yes-MLS, a multiple listing service in northeast Ohio that also reports the median sales price at $101,000 is up 9.9 percent from $91,900.
New listings saw a decline of 5 percent, from 2,013 through August 2018 to 1,916 through last month, but the available stock is moving quicker — seven days, or 7 percent, quicker than through the period last year.
The average amount of time a house was on the market through August was 92 days. It was 99 days last year.
Closed sales and new listings fell in August in compared to August 2018, but the median sales price rose slightly and homes spent 10 less days on the market.
There were 199 closed sales, down 10 percent from 221; 253 new listings, down 18 percent from 308; the median sales price was $94,500, up 1. 7 percent from $92,900; and the number of days on the market fell 11 percent, from 90 to 80.
Compared to July, new listings were down 7 percent from 272; closed sales fell 0.5 percent from 200; the number of days on the market fell 14 percent from 93; and the median sales price fell 16 percent from $112,250.
Home sales in Mahoning County are trending similarly to Trumbull County.
In Mahoning County, there were 1,851 closed sales through August, down 0.4 percent from 1,858 for the same period last year. Those homes sold for a median price of $110,000, or 10 percent more than homes sold through August 2018, the numbers show.
New listings over the period rose 0.8 percent, from 2,632 to 2,654 and the days on the market fell 11 percent, from 98 days to 87 days.
Last month compared to August 2018, new listings were down 5.4 percent, from 404 to 382; closed sales fell 3 percent, from 300 to 291; the days on market fell 5 percent, from 80 to 76; and median sales price rose 13 percent, from $106,000 to $119,750.
Compared to July, new listings were up 5.5 percent from 362; closed sales rose 4 percent from 280; days on market was up 5.5 percent from 72; and the median sales price increased 9 percent from $109,900.
U.S. home prices rose 2 percent in July from a year earlier. It was the smallest amount in seven years, as modest sales are forcing sellers to keep costs in check.
Home sales have picked up in recent months but remain light. Low mortgage rates have recently encouraged more Americans to buy homes, but sales of existing homes have increased less than 3 percent in the past year.
Smaller price gains may help boost sales further in the coming months. Home building is also now growing at a healthy clip. The housing sector has contracted and lowered economic growth for the past six quarters, but some economists now expect it will boost the economy in the final months of the year.
The Associated Press contributed to this story.