Ohio 3rd Quarter Residential Report: Sales Up; Prices Down (but not by much)

The National Association of Realtors reported this week that sales of previously owned single-family homes, condos and co-ops for 3rd Quarter 2009 were 11.7% higher than 3rd Quarter 2008. While it is estimated that 30% of the sales were due to foreclosures and "short sales", and many of the sales were aided by low prices and the federal tax credit, a positive trend seems to be emerging. Ohio was not alone, as thirty-two (32) states also saw 3rd Quarter sales volume increases.

Prices also seem to be stabilizing in Ohio, even though many Ohio cities experienced some price decline. According to the NAR study, and the November 11, 2009 Cleveland Plain Dealer article: 'Existing-Home Sales Rise in Ohio and Nationwide' (by PD Reporter, Michelle Jarboe), the following Northeast Ohio metropolitan areas saw "modest price declines":

Cleveland-Elyria-Mentor: .5% ;

Akron: .8%;

Canton-Massilon: 9.3%.

According to Lawrence Yun, economist for the NAR, we are hopefully now experiencing a change from "a market in transition...to one that is becoming more balanced and stable".


Mitch said...

This is definitely a good sign of recovery. All those speculations should soon be a good reality. That why I firmly I believe that there is still money in real estate. We should never lose hope. Thanks and have a great week ahead!

cristine said...

Great Info. thanks for sharing. Wish you all the best!

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