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Ohio housing market shows signs of rebound, P.1

The Cincinnati, Ohio, area outpaced the nation in home sales last month. In fact, home sales in the greater Cincinnati area rose by 16 percent, when compared to the same time frame last year. In four counties of Southwest Ohio (Hamilton, Butler, Warren and Clermont), total closings in August soared 16.8 percent over the reported closings in August 2011. The August housing market in Southwest Ohio saw its highest number of home sales in five years, according to the Cincinnati Area Board of Realtors.

The president of the board says that not only are home sales on the rise, but average prices of homes in Southwest Ohio have seen an increase. The increase in sales is not confined to Southwest Ohio.

Central Ohio home sales reported in the Columbus, Ohio, area rose 12.3 percent last month over the number of closings in August 2011. That brings Columbus area home sales up for the year as a whole by 11.6 percent over that recorded in 2011. Median prices are also on the rise in the Columbus Area. In Northeast Ohio, home sales in August rose 14.6 percent over last year.

With Ohio sales showing a upturn, including a rise in the median prices of home sales, the president of the Ohio Association of Realtors said recently in a written statement that, "it's becoming clearer, with each passing month, that the Buckeye State has begun to build a solid foundation for a sustainable, growing housing marketplace," according to the Cleveland Plain Dealer.

For many people in Ohio, the news of an apparent upswing in the housing market is good news. For others, overall debts may continue to be an overwhelming burden. In the next Post, this blog will continue to discuss the housing numbers from August in Ohio, and also how the housing market can help to inform decisions regarding reducing debt.

Sources:

  • Cincinnati Business Courier, "Cincinnati home sales hit 5-year high in August," Sep. 19, 2012
  • The Columbus Dispatch, "Central Ohio home sales up 12 percent in August," Jim Weaker, Sep 19, 2012
  • The Cleveland Plain Dealer, "Northeast Ohio, U.S. home sales rose in August, as housing market avoided late-summer slowdown," Michelle Jarboe McFee, Sep. 19, 2012

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