Home prices on the rise in Central Ohio

Central Ohio saw a healthy 12 percent increase in the average price of a home sold in February 2010. The 1,106 homes transferred last month sold for an average of $149,498 which was 11.9 percent higher than the average sale price in February of 2009 and 2.4 percent higher than homes sold in January. The average sale price for the first two months of 2010 is $147,682, a 9.1 percent increase over the same period one year ago according to the Columbus Board of REALTORS®.

The number of homes for sale increased as well last month. There were 3,429 homes added to the market in February, which was slightly higher than the previous month and 17.8 percent higher than the number of homes listed for sale in February of 2009.

“The rise in inventory doesn’t come as a surprise,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “The home buyer tax credits set to expire in April of this year are a substantial incentive for home owners who have been considering selling their home. Further, the credit for existing home owners to sell has attracted more homeowners interested in moving up into the market. And those owners are buying more mid range properties.”


For more information please visit:

www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

Mortgage rates remain steady

Freddie Mac reports that mortgage rates remained under the 5% mark for the second consecutive week, with the average interest on a 30-year fixed loan coming in at 4.95% from 4.97% a week earlier.

Meanwhile, interest on 15-year fixed loans averaged 4.32% versus 4.33% the previous week. Rates on five-year, adjustable-rate mortgages settled at 4.05%, a decline from 4.11% last week.

www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net

January's Ohio home sales begin to stabilize

The Ohio housing market continues to display signs of stabilizing, as it continues to rebound from the challenges it confronted throughout 2009, with sales activity in January nearly matching the month's results from a year ago, according to statistics provided by the state's Multiple Listing Services.

"Certainly the fact that our level of sales activity was relatively unchanged from a year ago is outstanding news and provides optimism for our prospects in 2010," said Doug McCloud, president of the Ohio Association of REALTORS. "Equally encouraging is the fact that the average sales price posted its fourth consecutive monthly gain. Having prices stabilize is tremendous news for current and future homeowners and, we hope, an indication that the market is poised for a return to normalcy.

"The economic challenges that affected Ohio and the nation since late in 2008 have certainly not dissipated entirely, but what we've seen transpire in the final quarter of 2009--with robust sales and prices--seems to have carried forward as we start the new year," McCloud continued. "One thing has become apparent...that the desire to make the American Dream of homeownership a reality remains strong throughout Ohio."


www.jeffshomes.us
www.gahannaohiohomes.net
www.newalbanyohiohomes.com
www.westervilleohiohomes.net