Ohio Maintains Sunny Housing Outlook

World

Ohio Maintains Sunny Housing Outlook

Previous

Contents

Next

It looks like the lousy housing market in Ohio of 2009 has definitely shifted direction. Across the state, sales of new and existing homes and condos increased from May to June. Statewide sales increased 4.2 percent while in a15-county area of Northeast Ohio, month to month sales were up 16.3 percent. Condos in the same area were up 33 percent.

The federal tax credit was primarily responsible for the burst in sales during the first half of this year. Now that the credit program has ended it is certainly possible that sales will fall a bit. In fact, parts of Ohio are already noticing a decrease in sales while listing activity continues to increase each month.

The overriding concern from realtors and market analysts is the stagnant unemployment throughout Ohio. Programs such as the tax credit have artificially stimulated the housing market. Until employment returns to a normal level, it is unlikely that housing sales can maintain momentum over the long term. Artificial stimulus programs such as the tax incentives might bridge the gap in the short term.

However, considering the overall economy in the nation, real estate sales in Ohio are faring considerably better than other parts of the country. Sales of new and previously owned homes were over 14 percent higher this year than in 2009. Statewide the average price for a home was almost $147,000, up 3.6 percent over 2009.

Using the median rather than an average, the sales price for an existing home was $183,700 in June, up only slightly at 1.0 percent over June 2009. Federal stimulus programs have helped, and many realtors around Ohio feel the market has definitely improved. Buyers are finding bargains and are making offers.

Experts admit the real estate business has made positive strides since 2009. However, most Realtors emphasize recovery of the economy and jobs are mandatory to sustain activity levels seen earlier this year.

You can talk about... Ohio Maintains Sunny Housing Outlook

Tags: • housing market • real estate market • ohio • real estate • housing outlook •

Previous

Contents

Next

Privacy & DMCA Policy -- About us -- Sitemap
housing market Ohio Maintains Sunny Housing Outlook