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Mixed Views On Central Ohio Housing Market | WOSU News - WOSU Public Media
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Mixed Views On Central Ohio
Housing Market
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by Mandie Trimble
4:33 PM
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Nov em ber 1 9 , 2 01 2
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Central Ohio home sales were up for the tenth
straight month in October. While some realtors
say this is a sign the area is “out of the woods,”
other industry experts say “not so fast.”
The Columbus Board of Realtors says
Cen t r a l Oh io h om e sa les w er e u p for
t h e t en t h st r a ig h t m on t h in
Oct ober . (Photo: Diana Park huos e
(Flick r))
residential sales were up 23 percent last month
compared to October 2011.
The
median
sale
price was up 11 percent to stand at
$133,000 because the number of homes on
the market is down.
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While the numbers sound promising, some
real estate experts say they’re due to fewer
sales of foreclosed homes. They warn large
banks hold an unknown number of homes
ready to be put on the market. That could
increase supply and reduce prices.
“Let’s hope the demand will be strong
enough to absorb the supply,” Ohio State
finance professor Zahi Ben-David said.
FORECLOSURE SALES, Q2 2012
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Ben-David said Ohio’s employment picture
looks better, potentially creating more
demand, but he does not think the real
estate market is out of the woods.
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“It’s not clear to me the overall uncertainty
is much lower than a year ago,” he said.
F acebook social plugin
But Columbus Board of Realtors president Jim Coridan is more optimistic about a
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11/22/12
Mixed Views On Central Ohio Housing Market | WOSU News - WOSU Public Media
“real” recovery. Coridan said he does not expect a flood of foreclosed homes on the
market.
“There are always exceptions to every rule,” he said. “But I think what you were
referring to would be primarily in the areas where there were a lot of production
homes or where there were a lot of distressed sales. And I think those areas are not
that great, not that many.”
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Aurora Robson at Franklin Park Conservatory
Coridan expects home sales to hold traction through the holidays.
But then OSU’s Zahi Ben-David reminds us of the looming automatic federal
spending cuts and tax hikes at the first of the year.
“Which means less disposable income and lower demand for housing.”
Meet Aurora Robson, an artist who uses recy cled m aterials to
create astounding sculptures. Her work is on display at the
Franklin Park Conserv atory through April 2 8, 2 01 3 .
Riffe Gallery Watercolor 2012
The Riffe Gallery presents Watercolor Ohio 2 01 2 a new exhibition
that illustrates the broad spectrum of work produced by watercolor
artists. Each piece was hand picked to delight the v iewer’s em otion
as well as their ey es.
The good news for home buyers and sellers is mortgage rates are expected to
remain at all-time lows for many months.
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cen t r a l oh io
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h ou sin g m a r k et
Ex-Fiscal Officer In Ohio T own Admits $137K T heft
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stealing $1 3 7 ,000 in public funds.
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