Toledo-area home prices drop 4.1%

The average selling price for existing homes in the Toledo area, including distressed sales, decreased by 4.1 percent in April when compared to year ago.

The statistics were compiled by California-based CoreLogic Inc., which computes national real estate data. Excluding the distressed sales, the prices increased 2.1 percent from April, 2011. Distressed sales include short sales and transactions involving bank-owned homes.

CoreLogic does not release the sales figures it uses to compute its data and excludes new homes from its calculations. The company said that excluding new homes provides a better gauge of the market. Its numbers are for Lucas, Wood, Ottawa, and Fulton counties.

Statewide data from CoreLogic show home prices decreased 1.4 percent in April for Ohio and increased 5.1 percent for Michigan.

Without the distressed home sales, the average price increased 2.2 percent in Ohio and 0.7 percent in Michigan.

The CoreLogic data differ from the Ohio Association of Realtors' April numbers, which include new homes. Homes in the Toledo area sold for an average price of $99,026, which is a 1 percent increase from $98,094 in April of last year, according to that report.

The Ohio Association of Realtors said that for all of Ohio, the average selling price of a house was $130,003 in April, a 5 percent increase from an average of $123,544 at the same time last year.

The Michigan Association of Relators reported a 9.72 percent increase in April over 2011, with selling prices increasing from an average of $94,837 in 2011 to $104,058 that month.

Contact Kris Turner at: kturner@theblade.com or 419-724-6103.