Slow but Steady Home Market for Ohio

From Margaret Everton on August 16, 2010 in Cleveland

As the last few home sales made with the tax incentive trickle through the system, it’s not quite clear what direction the Ohio housing market will take in the coming months. While things appear to be stable—or even improving over the train wreck that was last year’s housing market—experts aren’t ruling out the possibility of another drop in numbers. cleveland skyline According to the Ohio Association of Realtors, home sales statewide showed a 4.2% increase from May to June. Northeast Ohio, on the other hand, saw an impressive 16.3% increase in the sale of single-family homes and a 33% jump for condo sales. Compared to the 2009 slump, house sales have increased 22.8% and condos 38.3% from this time last year. On the flip side, the National Association of Realtors reported a 5.1% drop in previously owned home sales between May and June of this year. So what’s causing the roller-coaster effect on sales? Many experts believe that a lack of stability in the job market is to blame. But even with the end of the tax incentive, Northeast Ohio residents still have record low interest rates and lower-than-average home prices to look forward to. Hopefully that will be enough to combat the drop in sales expected in coming months. Photo Credit: Weekend Getaways

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