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Published: Thursday, 12/11/2008

Average home price off 24% in Lucas County in year

The pace of home-price declines quickened last month across northwest Ohio, a new report shows.

In Lucas County, average prices plunged 24 percent from $113,000 in November, 2007, to $86,000, the Toledo Board of Realtors said yesterday. In the region overall, prices slipped 22 percent to $94,000. That was more than double the 8 to 10 percent declines recorded for 2008 through Nov. 30.

Sales activity also slipped, by 10 percent to 3,830 single-family homes in Lucas County and by 6 percent to 477 in the region overall.

The local market apparently continues to be affected by sales of a large number of bank-owned houses in older areas of Toledo. Houses priced under $50,000 represented a third of sales in the county and region. Sales of houses over $200,000 remained sluggish.

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