2009-01-03 / News

Real estate sale activity, prices fell in November

COLUMBUS - The Ohio housing marketplace experienced a decline in activity in November from the level posted a year ago, with sales slowing for the month due to tight credit markets and falling consumer confidence, reports the Ohio Association of REALTORS ®.

"One key facet of the worldwide financial crisis, especially as it relates to the housing sector, has been the implementation of tougher credit standards," said OAR President Brad Knapp.

"Consumers are no longer able to obtain 100 percent financing... which has contributed to slower activity levels throughout the state since October. "Yet despite the stricter lending rules - and contrary to popular thought - opportunities for buyers to access credit still exist," Knapp added. "The good news for would-be buyers is that they are able to take advantage of excellent conditions - with extremely favorable interest rates, an array of housing in all price categories and realistic expectations among sellers in the current market."

Sales in November reached 7,091, a 21.7 percent decline from the 9,051 sales posted during the month a year ago. The average sales price of $118,247 marks a 16.6 percent decrease from the $141,807 sales price in November 2007.

Statewide sales of new and existing homes during the first 11 months of the year (January through November) total 104,905, 13.9 percent behind the 121,811 sales posted during the period a year ago. The state's average sale price (January through November) of $138,130 marks an 8 percent decrease from the $150,132 average price posted during the period a year ago. The total dollar volume reached $14.5 billion, a 20.8 percent decrease from the $18.2 billion posted in 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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