2008-08-30 / News

Ohio housing marketplace is continuing to stabilize

COLUMBUS - The Ohio housing marketplace continued to stabilize in July, as sales during the month reached traditional levels for the period - not including the record-shattering results recorded during the 2003-2007 span, reports the Ohio Association of REALTORS ®.

"While home sales activity has been less than robust throughout the year due to difficult economic conditions and tightening credit, Ohio's real estate professionals remain optimistic that a turnaround to the state's housing market is not too far off," said OAR President Brad Knapp. "We've continually reached sales levels that are within the range of what the Buckeye State traditionally experienced prior to the run-up that started in 2003. "In fact, it's an excellent market for would-be buyers as they're able to take advantage of ideal conditions - with historic low interest rates, an array of housing in all price categories and realistic expectations among sellers in the current market," Knapp added.

Statewide sales of new and existing homes during the first seven months of the year (January through July) total 67,092, 15.2 percent behind the 79,135 sales posted during the period a year ago. The state's average sale price (January through July) of $141,014 marks a 7.2 percent decrease from the $152,017 average price posted during the period a year ago. The total dollar volume reached nearly $9.5 billion, a 22.4 percent decrease from the $12 billion posted in 2007.

Sales in July reached 11,059, compared to 12,755 sales posted during the month a year ago, a decline of 13.3 percent. The average sale price of $150,423 marks a 6.6 decrease from the $160,972 sales price in July 2007.

The 32,500-member Ohio Association of REALTORS ®, the largest professional trade organization in the state, calculates its home sale figures based on statistics provided by the Multiple Listing Services (MLS) throughout Ohio.

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