House prices maintained their momentum in August, climbing 6.4% across Northeast Ohio.
Amid steady buyer demand and scant listings, average sale prices were up sharply from August 2017 in many of the 18 counties tracked by Yes MLS, a real estate listing service.
In Cuyahoga County, the average sale price for a new or previously owned house or condominium rose 9% from a year before, to $184,288. Summit County's average sale price hit $180,616, a 6.4% annual gain.
Buyers in the region paid as little as $4,500 and as much as $3.3 million for homes last month, the listing service reported.
Home sales picked up, too, rising 4.2% from their August 2017 levels and picking up from July's pace. And properties changed hands at a faster clip. Homes sold in August spent 61 days on the market, on average, about a week less than a year before.
Sales were up 3% in Cuyahoga County, when compared with a year before, and 0.8% in Summit County. Lorain and Stark counties posted notable jumps, up 12% and 17.6%, respectively. But sales slid 10.3% in Lake County.
So far this year, regional home purchases are up 1%, when compared with the first eight months of 2017. That's a difference of 316 sales, according to the listing service's figures.
New listings, meanwhile, are basically flat, down 0.3% from last year.
