All three local counties see drop in home sales and prices in May

STAFF REPORT

Home sales and average sale prices fell last month in all three local counties.

The local and national housing markets have been down since last year because of the recession and the tightening of credit markets.

In Mahoning County, 142 home sales were closed last month, compared with 168 in May 2008, said the Youngstown Columbiana Association of Realtors. Real estate closings typically occur about 30 days after sales agreements are reached.

The average sale price in Mahoning County last month was $90,674, compared with $93,471 a year earlier. The average time on the market for sold homes last month was 118 days, down from 137 days a year earlier.

In Trumbull County, 108 home sales were closed last month with an average sale price of $79,267. In May 2008, there were 164 sales and an average sales price of $83,358. The average time on the market for sold homes last month was 105 days, down from 114 days a year earlier.

In Columbiana County, 32 home sales were closed last month with an average price of $107,061. In May 2008, there were 62 sales, with an average sale price of $109,494. The average time on the market for sold homes last month was 144 days, up from 121 days a year earlier.