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Akron home prices fall 13 percent

By From staff and wire reports

Published on Wednesday, May 14, 2008

Chances are if you are an Akron homeowner looking to sell, you have a certain sinking feeling.

That would be the value of your home dropping by more than 13 percent compared to a year ago.

Single-family homes in the Akron, Cleveland and Canton areas were among numerous U.S. cities where the median prices fell compared to a year ago, according to a survey by a prominent real estate trade group. The median price is the numerical point where half of the homes sold for more and the other half sold for less.

The median price for an Akron-area home fell by 13.2 percent to $96,300 in the first three months of 2008, according to the National Association of Realtors. A year ago, the median price in the greater Akron area was $111,000, the Washington, D.C.-based association reported Tuesday. In 2005, the median price was
$120,500.

Median home prices in the Cleveland, Elyria and Mentor areas fell 16.9 percent to $102,100 compared to the first three months of 2007. In 2005, the median price was $138,900.

Canton-Massillon area median prices fell 12 percent to $88,500. A year ago, the median single-family home price was $100,600. In 2005, the median price was $102,200.

Median home prices fell in two-thirds of the cities surveyed during the first three months of this year and 46 states reported declining sales, the trade group reported.

Median prices for existing single-family homes dropped in 100 of 149 metropolitan areas in the January-March period and 48 metropolitan areas saw prices increase and one reported no change, the survey showed.

The price declines in 67 percent of the areas surveyed were the largest in the history of the survey, which goes back to 1979. Prices had fallen in 34 percent of the cities surveyed in the October-December survey.

Nationally, the median fell to $196,300 in the first quarter, down by 7.7 percent from the same period a year ago, when it was $212,600.

Sales of existing homes were down in 46 states.

Chances are if you are an Akron homeowner looking to sell, you have a certain sinking feeling.

Get the full article here.


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