Industry News

Midwest real estate sales cool

Interest rates, energy costs help normalize markets

Home sales in Ohio and Illinois eased in April, as prices improved from year-ago levels, according to Realtor associations in both states. In Ohio, sales of new and existing homes last month fell to 12,132, a 1.5 percent drop from the month's record of 12,318 sales posted a year ago, the Ohio Association of Realtors reported. "The recent increases in mortgage interest rates, combined with higher energy costs may have helped contribute to bring the Ohio housing market back to a more traditional April sales level," said Darlene Breen, president of the Ohio Association of Realtors. The month's average sales price of $150,067 is 0.9 percent ahead of the year-ago average of $148,790, the association said. In Illinois, total homes sales (which include single-family and condominiums) were down 8.4 percent in April to 14,569 homes sold, compared with the previous record for the month of 15,897 homes sold in April 2005. The Illinois median home price in April was $203,500, up 4.4 percent from...

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