Industry News

Midwest real estate cooling deepens

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Real estate sales in Illinois and Ohio dropped for the sixth straight month in September, sending prices down further, according to statistics provided by Realtor associations in both states. In Ohio, sales of new and existing homes totaled 11,825 last month, down from 14,455 in August, and down 10.2 percent from the month's best-ever mark of 13,169 sales a year ago, the Ohio Association of Realtors reported. The month's average sales price of $151,983 fell from $159,194 in August, and is a 3.9 percent decrease from $158,173 in September 2005. "The slight cooling of the Ohio housing market during the second half of 2006 is not unexpected," said Darlene Breen, president of the Ohio Association of Realtors. "We're still on pace for our second-best year in terms of sales activity ... and with a stable interest-rate environment, buyers will be able to enjoy a favorable marketplace." In Illinois, home sales (which include single-family and condominiums) were down 19.5 percent last month t...