October Sales Show Housing Rebound Continuing
Home sales and prices continue to rebound in Ohio, according to the latest monthly report from the Ohio Association of Realtors. ideastream's Bill Rice reports.
Across the state, home sales during the month of October increased 23 percent over the same period last year, while sale prices rose 8 percent. It was even better news for the Northeast Ohio region, which saw sales rise by nearly 30 percent and prices by nearly 12 percent. Bob Miller is president of the Ohio Association of Realtors. He says the glut of undervalued properties that characterized the early days of the housing crisis is largely behind us.
Miller: "Inventories are down around the state and around the nation, which means that we're selling the foreclosures, we're getting rid of those. And we're getting rid of an awful lot of short sales. So slowly but surely we're getting through all the inventory that's out there."
Miller says as housing prices stabilize and begin to rise, fewer people are dealing with homes that are worth less than they owe on the mortgage.