2002 tops charts across the map

January 27, 2003

States report annual increases in sales, median price

Inman News Features

Home sales in Florida, Illinois, Ohio and Virginia climbed to new annual records and posted increases in December volume compared with prior-year results, according to Realtor associations in those states.

The Florida Association of Realtors reported a 10 percent increase in existing single-family home sales in 2002 to 154,231 compared with the previous year's 140,364.

The statewide median sales price climbed 9 percent to $137,800 in 2002 compared with $126,600 in 2001.

FAR President Tom Salomone credited supply and demand economics for last year's record activity. "The quality of life in Florida continues to draw a steady influx of new residents; in fact, research shows that about 1,000 people a day are moving into the state," said Salomone.

Statewide sales in December were up 22 percent to 11,981 homes compared with the same month a year earlier when 9,798 homes were sold. The statewide median sales price was up 13 percent last month to $145,300 compared to last December's $128,300.

Sales of existing single-family homes in Illinois also set a new annual record in 2002. The Illinois Association of Realtors reported a total of 113,583 homes sold last year, up 6.4 percent from 106,710 in 2001.

Monthly sales for December climbed 15.2 percent to 8,622, up 15.2 percent from 7,485 sales during the same month in 2001.

The annual statewide median price was $161,700 in 2002, up 6.7 percent from $151,500 in 2001. The monthly statewide median home price increased 11.8 percent from $146,300 in December 2001 to $163,500 in December 2002.

The Ohio Association of Realtors reported that statewide home sales reached 120,913 in 2002, a 6.2 percent increase from the 113,892 sales posted in 2001.

The state's average sales price in 2002 was $144,271, a 2.8 percent increase from the $140,349 average posted in 2001.

Monthly sales activity for December saw 8,894 homes sold, an 11.1 percent increase from the 8,006 sales during the same month a year earlier. December's average sales price of $147,517 was a 4.6 percent above the $140,976 mark set in December 2001.

Home sales in Virginia last year topped 2001 figures by 9 percent. The Virginia Association of Realtors reported 110,517 homes sold in 2002 compared with 101,363 in 2001.

Closed sales for the month of December were up 13.8 percent to 9,478 home sold compared with 8,331 homes sold during the same month a year earlier. The median sales price last month was $156,120, nearly 12 percent higher than the previous year's December median of $139,474.

Copyright: Inman News Service

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