Lima, OH - Local Housing Data - Summary

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Lima, OH Local News

Lima, OH - Recent New Home Sales Numbers Suggest Market Fall is Deepening

Posted on: Feb 06, 2012 09:29:01 AM

Sales of new homes in the Lima, OH market sank year-over-year in November, and the decline was by a larger percentage than the October 2011. New home sales moved from one a year earlier to none after the figure moved from five in October 2010 to one in October 2011.

A total of 11 new homes were sold during the 12 months that ended in November, down from 12 for the year that ended in October.

New home sales were none of the 86 total sales, down on a percentage basis from one of 76 a year earlier. Following a drop in October year-over-year, sales of new and existing homes gained year-over-year in November.

Other Market Trends

Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO sales, taken together, represented 18.6% of existing sales, lower than 42.7% a year earlier. The percentage of existing home sales involving foreclosures slipped to 10.5% in November from 20.0% a year earlier while REO sales as a percentage of existing home sales declined to 8.1% from 22.7% a year earlier.

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