Metro area home sales jump 33% over 2010

8/11/2011

Home sales in metro Toledo spiked 33 percent last month over July, 2010, as shoppers took advantage of low mortgage rates, the Toledo Board of Realtors said.

There were 595 single-family home sales last month in the 10-county northwest Ohio region, including Toledo, compared to 447 in July, 2010, and 577 in June of this year. The average price for home sales fell to about $109,700, down 1 percent from last year and down 6 percent from $116,800 in June.

In Lucas County, single-family home sales climbed 41 percent to 378 in July, up from 268 a year ago and 334 in June. The average home price fell to about $97,600 in July, down 9 percent from $106,750 a year ago and down nearly 16 percent from $116,000 in June.

Ed Sitter, president of the Realtor board and a real estate agent for the Danberry Co., said last year's federal home buyer tax credit boosted home sales for the first half of 2010, which made home sales appear to be in a slump earlier this year. The credit ended in April, 2010, but buyers had through June, 2010, to close on purchases that qualified for the rebate.

Mr. Sitter believes that the July report gives a fair year-to-year comparison since the tax credit is no longer factored in. He also said mortgage rates, which have reached historic lows in recent weeks, are likely driving sales.

"This affirms that we're having a good year," he said.

Condominium sales for the metro area were up 43 percent, according to the Realtor board. The average price for condos throughout northwest Ohio was about $156,500, up 6 percent from a year ago and up 21 percent from June.

In Lucas County, condo sales climbed 29 percent. However, the average condo price fell to $135,900, down 14 percent from last year but up 6 percent from June.

Contact Sheena Harrison at: sharrison@theblade.com or 419-724-6103.