The Ohio housing market is still quite sluggish, even during the time of year when housing sales usually go up due to better weather and ease of moving. This trend is quite disappointing for real estate sellers, who are blaming part of the home sales slump on bad weather, high gas prices, and the difficulty in getting mortgage loans these days.
Last spring, home sales were up due to a very popular home buyer tax credit, but that is not available for home buyers now, so there is less incentive to take a risk this year.
Sales of homes in Northeast Ohio rose in May, however they were still behind May of 2010. This pattern was followed across the state of Ohio. Home sales were 20.8% lower than last year at this time (Ohio Association of Realtors). In Northeast Ohio, sales of new and existing homes rose 6.8% last month, but were down 17.3% from May 2010. Condo sales, however, jumped 35.7%, but were 4.6% lower than May 2010. Data is provided form the Northeast Ohio Real Estate Exchange.
Most analysts say that buyer demand is just sluggish, and buyers are sitting on the sidelines waiting to see what is happening. The average price for a house in Northeast Ohio in May was $121,447, while the average price for a condo was $117,742.