Home sales in Ohio last month were 19 percent higher than in May, 2011, the Ohio Association of Realtors said Thursday.
The Ohio report is based on statistics provided by the Multiple Listing Service.
According to the Ohio report, 753 homes sold in May in the Toledo area; the number was a 23 percent increase over that in May, 2011. The average price of $112,507 was almost 14 percent higher than in April and almost 7 percent higher than in May, 2011.
For the year, Toledo-area sales are up 13 percent over last year, and the average price is up 2.4 percent to $99,089.
Statewide, the average selling price in May was $135,450, about 3 percent higher than a year earlier.
May was the 11th consecutive month in which sales increased over the same month a year earlier.
"Our market appears to be establishing a very solid foundation following the downturn we experienced as a result of the onset of the economic collapse of 2008," said Robert Miller, president of the Ohio Association of Realtors. "Our recent trend line has been very encouraging, and the industry remains cautiously optimistic that we're making strides toward having a sustainable, growing marketplace."
A separate report from the National Association of Realtors said sales of existing homes dipped 1.5 percent in May from April but are up substantially from a year ago, along with property prices. Unlike the Ohio statistics, the national numbers do not include new homes.
Last month, resales slipped 1.5 percent from April but were up 9.6 percent from May, 2011, according to the report. The median price soared 7.9 percent from a year ago to $182,600, marking the third year-over-year gain in a row -- the first time that's happened since 2006. Analysts from Credit Suisse called the firming prices, now at the highest level since June, 2010, "the silver lining" of the report.
Sales of single-family homes were 1 percent lower than in April but 10.4 percent higher than last May. The price for such properties spiked 7.7 percent from 2011 to $182,900.
The report, which also factors in town homes, condominiums, and co-ops, blamed the dip from April on tight supply of properties rather than softening demand. The inventory of listed homes for sale is 20.4 percent smaller than a year ago, according to the Realtors association.