Ohio home sales rose in September Prices continue their slide, however

THE COLUMBUS DISPATCH ^ | October 24, 2008 | THE COLUMBUS DISPATCH

[mlocher]

The number of homes sold in Ohio rose in September, the first increase in 20 reporting periods, the Ohio Association of Realtors said today.

Sales in September totaled 10,387, up 3.5 percent from 10,036 in September 2007. The average sale price, however, fell 6.3 percent to $134,135, the group said.

Activity during September picked up significantly in several markets, notably northeastern Ohio.

The same could not be said for the Columbus market, where sales fell 1.5 percent to 1,824.

For the January-to-September period, sales totaled 88,382 in Ohio, down 13.8 percent compared with the year-ago period. The average sale price during the period fell to $140,571, a 7.4 percent decline.

In the Columbus market, sales for the year through September are down as well, though not as much, at 12.5 percent.

[mlocher]

I guess the law of supply and demand works after all. A great time to be looking for a home.

[autumnraine]

Are they confused by this? Home prices are really low, so homes are selling?

That’s like saying you don’t understand why there are so many people in prison when crime is the lowest in years!

[hinckley buzzard]

My thoughts exactly. I bet the reporters were baffled that the two trends happened to coincide. Prices down, sales up. Who could have predicted that? Quick--somebody get Paul Krugman on the phone. He can give us a long complex explanation why the two are unrelated and why it is all the fault of Bush economic policies.

[kittymyrib]

Homes get more affordable and more are sold...duh. It really isn’t too hard for anyone but msm writers to figure out.

[paddles]

Probably just wealthy libtards from the Upper West Side buying crack-shacks in Cleveland so they can vote in Ohio.

[Notasoccermom]

Yeah, isn’t this the AFFORDABLE HOUSING that the Democrats have been campaigning for the past two decades or more? Google “affordable housing Democrat” and get 1,160,000 hits in .10 seconds.

[stefanbatory]

It is a great time to invest in real estate...;)

as Warren says: Be fearful when others are greedy and greedy when others are fearful.

[elpadre]

and, isn't it possible, in fact probable, that home prices were overvalued before. And, isn't it possible that builders saturated the market with new construction that no one needed or wanted?? And, isn't it possible that these two possibilities, along with the mortgage mess, played a major role in the downturn in housing, and the economy in general.

[org.whodat]

ROFLOL, the sales increased because they were counting in bank bought back at foreclosure as sells. The market is a long way from bottom. Actually one million foreclosed properties have been added to the unsold new homes. Inventory has increased.

In these time please try to stick to the facts.

[SteamShovel]

Ohio home sales rose in September Prices continue their slide, however

Said as if the two aren't related.

If sales rise, the prices will stabilize at after a lag and then rise if sales continue to rise.

The author probably thinks we need another law or something....