Mahoning County home sales go up in August

By Don Shilling

A home-buying tax credit is set to expire Dec. 1.

A federal tax credit has helped boost home sales in Mahoning County to their highest level this year, a real estate official said.

The credit of up to $8,000 expires Dec. 1, but there is discussion in Congress of extending it or expanding it to all home buyers, said Eric Caspary, president of the Youngstown Columbiana Association of Realtors.

Caspary said he wasn’t sure how many of recent home buyers received the credit but indicated it has had a positive impact on sales.

Buyers in Mahoning County closed on 197 homes last month, which was the best month of the year. That was an improvement from the 174 home closings in July.

Before August, the previous best month of 2009 was April, when 189 home sales were recorded.

“I’m expecting consistent improvement, certainly not back to 2006 or 2007 levels, but overall it’s improving dramatically,” Caspary said.

Although Caspary is hoping for an extension of the tax credit, the Internal Revenue Service warned the public Friday not to delay.

Potential home buyers must complete their purchases before Dec. 1 to receive the credit of up to $8,000. The IRS said that means home sales must close by Nov. 30.

It typically takes a month for sales to close after a sales agreement is reached.

The credit is available to home buyers with qualifying income levels who have not owned a house in the past three years.

Nationally, more than 1.4 million taxpayers have benefited from the credit so far, including nearly 49,000 in Ohio.

Sales figures in Trumbull and Columbiana did not reach 2009 highs in August. In Trumbull County, 131 homes were sold last month, compared with 159 in July. In Columbiana County, 58 homes were sold last month, compared with 60 in July.

Here are the average sale prices for August: Mahoning County, $99,832, compared with $97,687 in July; Trumbull County, $78,307, compared with $94,359 in July; and Columbiana County, $79,097, compared with $99,657 in July.

shilling@vindy.com