For the first time since 2005, Ohio’s housing market exceeded expectations, achieving record gains in sales and average prices.
This occurred in spite of a nationwide sales slowdown.
Ohio home purchases were up 7.5 percent from 2015, drawing near 151,600, according to a report from the Ohio Association of Realtors. In December, the average sale price in Ohio was $159,531, an increase of close to 5 percent from late 2015 while the US median sale price for an existing home was $232,200 in December, up 4 percent from the previous year.
The National Association of Realtors noted that while nationwide sales experienced their strongest year in ten years, price growth and supply shortages were concerns.
Lawrence Yun, chief economist for the trade association, pointed out in a statement how establishing firm jobs along with remarkably low mortgage rates accounted for the good year.
He also noted rising mortgage rates, higher prices and a tight supply of listings made the escalation vulnerable.
In mid-January 2017, the average rate on a 30-year, fixed-rate mortgage was 4.09 percent and the average rate on a 15-year fixed rate loan was 3.34 percent, according to Freddie Mac.
Nela Richardson, chief economist for real estate company, Redfin commented in a statement that buyer demand is “titanic.”
According to Richardson, the major fear is there are not enough homes available to purchase.
Sharing in Ohio’s best year, is Tammy Mazzocco, who specializes in residential real estate in the central Ohio area which includes Johnstown, Pickerington, Canal Winchester and surrounding areas.
Tammy Mazzocco started her real estate career off as a secretary with commercial real estate firm, The Edwards Realty Company, and worked in condominium management. During that time she also became a licensed real estate agent in 1995 and went on to pursue real estate as a full time career in 1999.
With 19 years experience in the real estate business, prominent Ohio real estate agent Tammy Mazzocco joined the RE/Max team at Judy Gang & Associates in Pickerington, Ohio.
Tammy Mazzocco is a member of the National Association of Realtors, the Ohio Association of Realtors and the Columbus Board of Realtors. For more info, visit her Facebook profile.