Locally and statewide, the housing industry continued its recovery.
In Summit County, a total of 446 homes changed hands last month. That’s up 1.6 percent from the 439 sold in November a year ago and down 25 percent from the 595 sold in October, according to the Akron Area Board of Realtors. Sales typically are more brisk in warmer months.
For the first 11 months of the year, a total of 5,813 homes were sold in Summit. That’s up 9.9 percent from the 5,290 sold in the same period in 2012, and up nearly 25 percent from the 4,662 sold in January-through-November period of 2011.
Summit home sales are not adjusted for seasonal variations.
Sale prices in Summit County were up slightly, with the median price in November rising 1.4 percent to $119,900 from $118,250 in November a year ago. The median for November 2011 was $102,750.
For the first 11 months of the year, the median price is $120,000, up 4.6 percent from the $114,700 for the same period in 2012.
Median means half sold for a price above the number and half below.
Sales were up 7.7 percent in November in a larger Northeast Ohio area — a region that includes Summit, Stark, Portage, Medina and Cuyahoga counties.
In that region, a total of 2,718 single-family homes were sold last month, according to the Northern Ohio Regional Multiple Listing Service. Sales in this multi-county region were up 12 percent to 34,299 for the first 11 months of the year.
The average sale price in this 15-county area in October was $128,546. That’s down slightly — 0.9 percent — from $129,694 for the month last year.
Statewide, sales in November totaled 9,518, a 1.6 percent increase from the 9,364 sales posted during the month a year ago.
The November 2013 sales total is the month’s best mark since 2006.
The average sales price of $136,468 is a slight 0.7 percent increase from the $135,551 average price posted in November 2012.
Sales across the state through the first 11 months of 2013 reached 120,254, a 6.8 percent increase from the 112,638 sales posted during the same period a year ago. The average sales price for the first 11 months this year is $142,295, a 5.2 percent increase from the $135,258 mark set during the period a year ago.
The Ohio association does not provide a median price.
Meanwhile, nationwide home sales declined for the third consecutive month in November to the lowest level of the year. Analysts suggested rising mortgage rates and a limited supply of properties discouraged buyers.
Purchases dropped 4.3 percent to a 4.9 million annual rate, the National Association of Realtors reported.
The national median price of an existing home rose 9.4 percent to $196,300 in November from $179,400 a year earlier, the NAR report showed.
The number of existing properties for sale dropped 0.9 percent from October to a 2.09 million rate, the fewest since March. Inventory was up 5 percent from a year earlier.
Sales, which are tabulated when a purchase contract closes, are recovering from a 13-year low of 4.11 million in 2008 after reaching a record 7.08 million in 2005.
Borrowers are incurring higher interest costs. The average 30-year, fixed-rate mortgage was 4.42 percent for the week ended Dec. 12, compared with 3.32 percent a year ago, said mortgage guarantor Freddie Mac.