2008-09-27 / Front Page

'It's an excellent market for would-be buyers…'

COLUMBUS - The Ohio housing marketplace continued to mirror the slow economic condition throughout the nation, as sales activity in August trailed the results of the prior year for the eighth consecutive month, reports the Ohio Association of REALTORS ®.

"The difficult economic conditions, tightening credit and less than robust consumer confidence have continued to impact our housing market," said OAR President Brad Knapp. "While sales throughout the year have failed to keep pace with the record shattering marks prevalent during the proceeding five years, there's still reason for optimism among Ohio's real estate professionals. Throughout the year activity has stabilized to levels that are consistent with what the Buckeye State traditionally posts on a monthly basis.

"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 eight months of the year (January through August) total 77,978, 15.7 percent behind the 92,449 sales posted during the period a year ago.

The state's average sale price (January through August) of $141,437 marks a 7.4 percent decrease from the $152,691 average price posted during the period a year ago. The total dollar volume reached more than $11 billion, a 21.9 percent decrease from the $14 billion posted in 2007. Sales in August reached 10,878, compared to 13,314 sales posted during the month a year ago, a decline of 18.3 percent. The average sale price of $144,025 marks a 8.1 decrease from the $156,702 sales price in August 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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