Summit County home sales rose 6.1 percent in June — the 12th month in a row figures were up over the same month from the prior year.
Sales remain below pre-recession levels, and were down 8.4 percent from two years ago, in June 2010, when a federal tax-credit for first-time home buyers was helping to spur sales. The tax program ended in 2010.
Akron Area Board of Realtors President Ali Whitley cheered the latest sales figures, and said historically low mortgage interest rates bode well for sales this summer.
“We’re starting to turn a corner,” she said.
A total of 556 homes were sold in June in Summit County, up 6.1 percent from the 524 sold in June 2011 and down 8.4 percent from the 607 sold in June 2010, according to the Akron Area Board of Realtors.
Year to date — January through June — the number of homes that changed hands totaled 2,705. That was up 16.3 percent from the 2,325 sold a year ago and up about 6.2 percent from the 2,548 sold in June 2010 when, Whitley noted, the tax credits were in effect.
Throughout Ohio, home sales were up 10.6 percent in June — the 12th consecutive monthly sales gain at the state level, according to the Ohio Association of Realtors.
Robert U. Miller, the state group’s president, said Thursday in a prepared statement, “It’s apparent we’ve begun to overcome the challenges stemming from the economic collapse of 2008 ... ’’
Nationally, sales declined 5.4 percent to a seasonally adjusted annual rate of 4.37 million in June, as tight supplies of affordable homes limited first-time buyers, according to the National Association of Realtors.
Whitley said the continued decline in local inventory is good news.
“We had such a glut of inventory,” including foreclosed and distressed properties that hit the market during the economic downtown, she said. “We needed to sell through it.”
Summit County’s inventory in June was 3,700, a drop of 23.6 percent from the 4,844 homes available in June 2011 and a decline of about 20.6 percent from the 4,660 homes available in June 2010.
Analysts have noted that investors and others are buying up foreclosed and distressed properties, including short sales. Short sales occur when a lender allows a property to be sold for less than what is owed on the mortgage.
The median sales price in June increased 8 percent to $126,000 from $124,950 in June 2011. The $126,000 figure was the highest since June 2010, when the price was $134,990.
Year to date, the median sales price was $109,000, up 14.7 percent from $95,000 for the same 2011 period.
The Ohio Realtors group reports average prices, not median prices.
According to the state report, the year-to-date average selling price throughout Ohio is up 4 percent, reaching $131,004, versus the 2011 price of $125,706.
Katie Byard can be reached at 330-996-3781 or firstname.lastname@example.org.