What with tsunamis, Libyan air raids and Charlie Sheen holding down the high profile spots in the news cycle these days, who has time to worry about the housing crisis? The housing crisis? You look a little confused, you remember that, right? We know, it’s pretty 2008, took us a moment or two to jog the old memory banks as well.
Despite the radio silence on the topic, the hard data shows that the deflated balloon from the mid-2000s housing push still hangs heavy on both the state and Northeast Ohio. In fact, the figures are worse than they were a year ago.
Crain’s Cleveland Business reports on the latest statistics on home sales released by the Ohio Association of Realtors. In February 2011 sales were down 5.4 percent statewide from last year (although it does represent a jump from 3.7 percent in January of this year). In our region, sales were down 13.5 percent. So yeah, that empty cookie-cut ranch house with the unruly mop-top lawn and eyesore pain job is probably going to gather more dust down the line. Or become the neighborhood bums’ clubhouse. Or toilet. The options are endless.
Crain’s, on the details:
The group reported there were 5,524 homes sold statewide last month, down 5.4% from 5,839 sales in February 2010. The average sale price was $118,037, or 1.6% below the $119,994 mark in the like month a year ago. The total dollar volume from sales statewide in February was $652 million, down 6.9% from $700.6 million in February 2010.
And on the home front:
There were 1,615 homes sold in February in NEOHREX, down 13.5% from 1,868 sales in February 2010. The average sales price in Northeast Ohio was down 1.3% to $108,650 from $110,122 a year ago. Total dollar volume plummeted 14.7% to $175.5 million from $205.7 million in February 2010.