Ohio Home sales have declined Statewide by 8.2% according to the National Association of Realtors or NAR. According to Crains, "Home sales statewide in March fell more than 8% from the like month a year ago, as this sector of the economy continues to struggle without the help of a federal tax credit that was in place last year."
There were 7,942 homes sold statewide last month, down 8.2% from 8,655 in March 2010. The average sale price was $113,361, or 11.5% below the $128,041 average in the like month a year ago. The total dollar volume from sales statewide in March was $900.3 million, down 18.8% from $1.1 billion in March 2010.
By the number of units sold, the market was slightly better in Northeast Ohio, though other measurements were even worse than the statewide numbers. (The Realtors group combines sales from 17 Northeast Ohio counties into one category known as the Northeast Ohio Real Estate Exchange, or NEOHREX.)
In a statement, Meg Hudson, president of the Ohio Association of Realtors, said, “The fact that our sales have held relatively steady this year in comparison to activity levels when the $6,500 tax credit was in full effect is a real positive and clear indication of the desire among many throughout the Buckeye State of attaining home ownership.”
Ms. Hudson added, using the classic real estate cliché, that, “It really is a great time to buy. When you look beyond the headlines and take a closer look at current conditions — interest rates at historic lows, prices displaying signs of stabilization, sellers becoming more and more realistic in their expectations — you gain a better appreciation that the desire to own a home remains the foundation of the American Dream.”
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