Mahoning Valley home sale prices drop

Mahoning Valley home sale prices drop

The average selling price of homes in the Mahoning Valley dropped significantly last month, pushed down partly by a glut of foreclosed homes, officials said.

The median price for homes sold in Mahoning County last month was $59,000, down 21 percent from February of last year. Trumbull County’s median price was down 13 percent, while Columbiana County’s drop was 22 percent.

Prices have been forced down in part because banks are unloading foreclosed homes at a discount, said Kathy Carroll, president of the Youngstown Columbiana Association of Realtors. The number of foreclosed homes is on the rise again, and banks are willing to accept below-market prices so they don’t have to hold onto the homes, she said.

Read more in Thursday’s Vindicator and at vindy.com