Akron Area Home Sales Down in January
From the Akron Beacon Journal’s Article “Area home sales freeze, down 29% in January”
According to figures provided by the Akron Area Board of Realtors, number of home sales in the area dropped a whopping 29% compared to January of last year. In total for 2007, the annual decline was 12% and things don’t look much better for 2008. The total value of home sales from 2007 dropped 28%. Not that it is good, but one number did go up, the average number of days on the market went from 91 days to 94 days. Well I guess there is some good news…the average sales price in January 2008 was $128,799 compared to $127,360 in January 2007. Don’t get too excited, that’s only 1% and there is more bad news. The National Association of Realtors announced Monday that national sales dropped last month to the lowest level in nearly a decade and is the fifth consecutive decline. Home values in Akron are reported to have dropped 3.8% over the past year according to the Zillow Home Value report. Can we say, “housing slump?”