Industry News

Ohio real estate squeezed by rising interest rates

Sales, prices slide in May

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home sales activity throughout Ohio continued to slow in May, taking prices lower as well, the Ohio Association of Realtors reported this week. Sales of new and existing homes in May totaled 13,759, down 1.6 percent from a year ago when 13,987 sales were recorded. The month's average sales price of $156,864 sank 1.4 percent from last May's $159,100. Sales for the first five months of the year, however, were up 2 percent from a year ago, rising to 54,752 from 53,660 during the same period last year, OAR reported. The state's average sales price in the January-May period declined 0.9 percent to $149,564, compared with $150,866 recorded during the period last year. "Despite rising interest rates the marketplace has been very strong during the first five months of the year, posting solid numbers in May and remaining on track for one of our best years ever," said Darlene Breen, president of the Ohio Association of Realtors. "Higher energy costs and a less than robust economy are key factor...