Home sales surge in Ohio, more than national average

CLEVELAND - Home sales jumped in Ohio 11.3 percent, a much greater jump than the national average of 3.4 percent, according to new numbers released Tuesday morning.

The Ohio Association of Realtors reported new and existing home sales were up 11.3 percent for the first four months of 2012, compared to the same period a year ago.

"Strong activity in April continued to help push the Ohio real estate marketplace forward on its road to recovery, following the downturn that resulted from the economic collapse of 2008," said Robert Miller, president of the Ohio Association of Realtors in a news release. Miller added the housing market is not fully recovered, yet.

"The difficult challenges we've faced since the economic collapse of 2008 have certainly not completely dissipated, but it's apparent that the industry is encouraged that the light at the end of the tunnel is getting brighter," he said.

Another bright spot for sellers was the average sale price in Ohio. According to the newly released numbers, state home sales so far this year is nearly $3.8 billion. That is a 15.8 percent increase from the first four months of 2011.

April's average sales price of a home was $130,003, a 5 percent increase from April last year when the average home sale was $123,544.

Economists agree that until the housing market recovers, the general economy will continue to recover at a slower pace than after previous recessions.

The National Association of Realtors said on Tuesday existing home sales increased 3.4 percent in April, the highest since May 2010.

Still, that lags January and February's pace -- which was the best for those months in five years. And it still is well below what economists equate with healthy markets.

A mild winter encouraged some people to buy homes earlier. That drove up sales in January and February.