Eastern U.S. real estate markets post mixed sales

Housing markets east of the Mississippi River showed mixed results in August, as Realtor associations reported cooling home sales in Illinois and Massachusetts and soaring sales in Ohio and Virginia.

Ohio's August sales results bested the month's previous record results posted in 2003, with sales this year reaching 14,293, a 2.6 percent increase from the 13,932 sales last year, the Ohio Association of Realtors reported. The month's average sales price of $156,843 mirrors the August 2003 average sales price of $156,898.

August home sales continued strong in Virginia, rising approximately 8.6 percent from the same month last year, according to the Virginia Association of Realtors, with 13,912 transactions closed compared to 12,814 a year ago. In August, the median price of a single-family home was $160,718, up 16 percent from August 2003's $138,250.

Sales of existing single-family homes in Illinois eased slightly from last year's late-summer level, down 0.9 percent to 13,044 home sales in August 2004 compared to 13,162 in August 2003. According to the Illinois Association of Realtors' latest report, the median price of an existing single-family home increased 7.1 percent over the same period a year ago, to $197,800 in August 2004 compared to $184,700 in 2003. The median is a typical market price where half the homes sold for more, half sold for less. 

There were a total of 5,541 condominium sales in Illinois during August, up 9.4 percent from 5,067 sales in the same month last year. The statewide condominium median price for August was $191,700, up 5.6 percent from $181,600 a year ago.

Massachusetts home sales dropped 0.5 percent in August from their year-ago level, with 5, 527 sales recorded last month compared to 5,556 in August 2003. Condominium sales, however, climbed 22 percent during the same period, with 2,387 sales recorded last month compared to 1,728 a year ago.

The median home price of a single-family dwelling here was $358,000 in August, up 12.4 percent from $318,500 a year ago. The median price of a condominium was $273,900, a 14.1 percent increase from $240,000 in August 2003, the Massachusetts Association of Realtors reported.

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