Home Sales Spur Optimism
Posted: Tuesday, March 23, 2010
Download MP3While the national home re-sale numbers were down from one year ago - there is optimism that Ohio's housing market has begun to rebound - even here in the hard-hit Northeast region. ideastream®'s Rick Jackson has details.
February marked the third straight month that existing home sales nationally fell from a year ago.
February home sales were also down in Ohio - four percent over 2009, but Ohio Association of Realtors President Doug McCloud is energized by the numbers. While they’re down from the previous year, they outpaced the previous month by about 10 percent.
McCloud says that’s a big turnaround, and that realtors are reporting new excitement from potential home buyers.
DOUG McCLOUD:
“They are very very upbeat - the phones are ringing, appointments are up, people are at the open houses...”
In the 15 county real estate region that includes Greater Cleveland - February sales were above the 18-hundred mark, with only 30 fewer homes than were sold in February 2009. McCloud calls that drop statistically insignificant.
And when it comes to home prices - the region saw an increase of 17 percent over a year ago, with the total dollar amount in sales climbing by 13.5 percent. The region also had the highest sales total in the state - 202 million dollars, up 25 million from the previous year.
McCloud believes there’s a two-fold reason for the revival. First is the decades-lowest mortgage interest rates.
But he says another reason is Washington’s extension of the credit for home buyers.
DOUG McCLOUD:
“People are starting to get serious about the tax credit expiration at the end of April. That’s part of the reason the decline wasn’t as bad as it could have been.”
Despite the stronger February, sales in Northeast Ohio are down 7% down for the calendar year.
Additional Information
Feb. ’10 home sales from the Ohio Association of REALTORSTags
Economy, Facing the Mortgage Crisis
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