Metro-area home prices rise by 4.4% for quarter

8/11/2010

Existing-home prices in the metro Toledo area rose 4.4 percent in the second quarter compared to a year earlier, a new report released Wednesday shows.

The gains by the Toledo area compared favorably with all other Ohio metro areas, except Akron, which led the nation with a median price increase of 36 percent.

Nationwide, the median selling price rose 1.5 percent to $176,900 in the second quarter, compared with $174,200 for the same period a year earlier.

In the four-county Toledo metro area, the median price increased to $90,900 for the period of April through June from $87,100 for the same period a year ago, according to the quarterly report by the National Association of Realtors.

A median price means half of the prices were higher and half were lower.

Statewide, the median price in Akron increased 36 percent to $119,700. It was up 11.5 percent to $118,200 in Cleveland; up 9.9 percent to $111,500 in Canton-Massilon; up 9.6 percent to $149,700 in Columbus; up 5.5 percent to $112,400 in Dayton, up 5 percent to $75,100 in Youngstown, and up 1.2 percent to $118,200 in Cincinnati.

Overall, median existing-home prices rose in 100 out of 155 metro areas measured by the Realtors group.

Realtors association chief economist Lawrence Yun said a correction in home prices appears to have ended in 2009 with prices solidifying in the first half of 2010.

"The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount. Now as more normal, nondistressed home sales are occurring, the median price in many areas is showing higher values," Mr. Yun said.

Meanwhile, figures released Wednesday by the Toledo Board of Realtors showed a large drop in home sales in July compared to the same month a year earlier.

Sales dropped 27 percent in July to 446 single family homes from 614 for the same month a year ago. The average price, however, climbed 4.2 percent to $110,406 from $106,000 in July, 2009.

According to the Realtors association, sales increased in 47 states and the District of Columbia compared to the second quarter of last year.