Local home sales drop; prices headed higher
By CHRISTOPHER KROMER Tribune ChronicleWARREN - Home sales in Trumbull County dropped in June, while those in Mahoning County registered an increase, according to numbers released Wednesday by the Warren Area Board of Realtors.
Though Trumbull numbers were down, there is reason for optimism, says WABOR President Andrea L. Lupton. Prices continue to stabilize and, in some cases, increase over previous months, she said.
Low interest rates, coupled with growth at General Motors Corp. Lordstown Complex and RMI, continue to bolster confidence in the area's housing sector, Lupton added.
''The incentive package that the Cafaro Co. is offering GM workers ... should be a starting point for the Valley,'' Lupton said.
According to WABOR, there were 159 sales in Trumbull County in June, down from May's 173 pace and well below June 2007's 196 sales. Pending sales in Trumbull County stand at 217. Average time on the market increased from May's 118 days to 130 days last month.
Thirty of the purchased homes fell within the $29,999 and less range, while 16 came in the $30,000 to $39,999 tier. The third-most sales came in the $80,000 to $89,999 range, accounting for 12 Trumbull sales.
The average selling price of $97,416 was up from last June's $96,942, and well above May's average of $86,289.
The median price for Trumbull homes - referring to the midpoint of all home sales - was $74,500.
In Mahoning County, June sales registered an increase over May numbers, growing from 179 to 212. Despite the jump, June numbers fell far short of last June's 262 units sold.
Average prices in the county continued their recent upward trend, up to $99,318 from May's $93,280 mark.
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VoiceOfReason
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07-26-08 10:38 AM
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Well, it appears based on another news article I just read, that Cleveland has the lowest home costs in America, but that's looking at major cities. Cleveland's median home price is $116,350 at a 9.7% drop. The prices in this article are way off the charts. I hope these are tear downs and rebuilds so we can attract business to the area. Who wants to move to an area stricken like this? That was rhetorical.
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VoiceOfReason
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07-26-08 10:19 AM
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Are you kidding me? Are these homes that are being sold or are they used cars being reported as homes? I'd like to see the pictures of some of these, especially anything that sold below the cost of a car. Roughly 60 of the 160 Trumbull homes were below $90k. That is unheard of.
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