By Julian Teekaram, Weekend anchor/Video Journalist - bio | email
Home sales activity throughout Ohio increased 19 percent, and 18 percent here in Lima for the month of May.
Lima Ohio -
House sales are down nationally, but their up on the state and local levels.
Home sales activity throughout Ohio increased 19 percent, and 18 percent here in Lima for the month of May. Yocum Realty owner Tim Stanford says the job market and the housing market are related, and that when one improves, it's a good sign that the other will too.
"Ohio is recovering with jobs. I think jobs are the key issue and I think that's probably why we're leading a little bit out of the recession," said Stanford.
Stanford says new home sales are still struggling,but existing home sales are thriving. Through May of last year, the average sale of an existing home was around $84,000. This year, the average price is almost $88,000.
"The average prices have increased so that is good news. I know we started to see some increase in sale amount averages a year ago in June. So here we are a year later and we're not looking at a year's increase across the state of 3.6 percent and locally just under 5 percent," said Stanford.
Stanford says continued job growth will be the key to a successful housing market in the long run.