Home prices in Ohio rise while sales decrease

Staff report

The average home price increased in the state for the first time in five years, while home sales decreased by 4 percent, according to the Ohio Association of Realtors.

Data were collected by Ohio’s Multiple Listing Service.

The average cost for a home in 2009 was $129,281 compared with $132,676 in 2010, resulting in a 2.6 percent increase.

In 2009, 105,237 homes were sold compared with 100,980 in 2010.

Youngstown Columbiana Board of Realtors President Joan Zarlenga noted similar trends in the Mahoning Valley.

“Our average home prices have gone up according to some statistics that we have, and interest rates are still low,” she said. “Of course, we have some new businesses coming into the area, so that actually does raise home sales.”

Statisics from the same data lump Mahoning, Trumbull and Columbiana into a 15-county area where home prices increased from $119,000 in 2009 to $126,000 in 2010.

“It does indicate that we are moving,” Zarlenga said. “I’ve noticed just in my business in January that it’s been a lot more lucrative than it was this time last year.”

Zarlenga said an uptick in the economy likely encouraged potential homebuyers to make their move in 2010.

“People know the economy is sort of shifting, and they’re saying it’s time. They’ve been looking and looking, and now they’re going to buy,” she said.

Meg Hudson, president of the Ohio Association of Realtors, said in a press release that the home-price increase is encouraging considering those economic challenges.

“The 2010 market was interesting for both industry professionals and property owners in all corners of the Buckeye State ... as the real-estate market worked to regain its footing following the economic downturn that has affected the nation over the past two-plus years,” she said. “However, despite the economic uncertainty, we sold nearly 101,000 homes, ... a clear indication that the desire to make the American Dream of homeownership a reality remains strong throughout Ohio.”