The numbers are in for the Ohio housing market in the month of May, and it looks like the pandemic has had an effect on it.
This May compared to May 2019, saw a 25 percent decrease in home sales. But the average price of a home actually was up. One realtor says this is due to a shortage of homes on the market. Also, people weren't sure what was going on and how to proceed through the COVID-19 pandemic. So in a way, it's a good time for sellers and buyers. Record low-interest rates are being seen in Ohio. For a 30-year mortgage, rates are around 2.75 and 3 percent.
"I've been in the business eight years and this is the lowest I've ever seen it," Kate Shulaw said, president of the West Central Association of Realtors. "I've even seen lower rates than that depending on how much you're willing to put down, what your credit score is. There's a lot of factors there. So, those are just kind of the average rates. You can even get a better rate than that."
Shulaw believes these rates will stick around through the rest of this year and quite possibly next year as well.
