Prices are going up because fewer homes are for sale, Realtors say. As a result, sellers got 96 percent of their asking price last month. Home sales have increased each month since February.
Home sales in Lucas County and northern Wood County increased 9 percent in June when compared with the same month last year.
Data released by the Toledo Board of Realtors showed that 548 homes sold last month, up from 504 in June, 2012.
The average price was $137,001, up 5 percent from last year.
Prices are on the rise again after several months of decline.
After averaging $130,681 last June, prices declined for nine of the next 10 months, hitting $95,000 in April. But the average price jumped to about $125,000 in May and continued climbing in June.
Realtors and other experts have said that a lack of inventory is contributing to the increase in prices.
There were 843 new listings last month, up 8 percent from last year, but the number of active listings was down 10 percent.
The shortage is good for sellers, who got 96 percent of their original asking price last month.
Sales have increased each month since February, which is typical because spring and summer traditionally are the best months for home sales.
For the entire Multiple Listing Service area of northwest Ohio, sales were up 5 percent in June and the average price was up 7 percent, to $131,366.
So far in 2013, sales are up 6 percent and prices are up 7 percent.
The data include only homes sold by a Realtor.
Contact Chip Towns at: email@example.com or 419-724-6194.