| Boardman, December 2, 2010 - According to RE/MAX Valley Real Estate’s Mahoning Valley Housing Report (MVHR™) single family residential home sales were lower again in November, impacted not only by normal seasonal decline in sales, but the lack of substantial improvement in the sluggish U.S. economy, most notably the disappointingly slow tempo of job growth. The monthly home sale survey of the three counties that make up the Mahoning Valley, Trumbull, Mahoning, and Columbiana were 12.3 percent (unadjusted) below sales in October and 28.2 percent below sales in November 2009 when the Tax Credit was still in high gear. The monthly inventory fell, but not nearly enough to put a dent the glut of homes still looking for buyers. RE/MAX Valley found that, contrary to analyst’s dire predictions, home prices here the Valley remain little changed, down just 1.0 percent month over month, and just 5.7 percent (seasonally adjusted) over year ago prices. “It’s understandable that sales are lower this month than in November of 2009 when homebuyers were rushing to take advantage of the first tax credit,” said Jack Pearce, Broker, RE/MAX Valley Real Estate. “Although, as REALTORS®, we were more than willing to take advantage of the situation offered by the tax credit and help many first time home buyers earn the credit, we know now that the tax credit was not the kind of stimulus this economy needed. Without an improvement in the job situation, the boost provided by the tax credit to the economy could not be maintained.” “We are pleased to note however, that despite the market’s downturn since the end of the stimulus, home prices have remained relatively stable here in the Valley. We have no reason to believe that we won’t see a return to a normal seasonal pattern, albeit at a slower pace, next spring and throughout 2011.” Read detailed MVHR Report with charts here.### About RE/MAX Valley Real Estate RE/MAX Valley Real Estate, located in Boardman, Ohio, is an independent, locally owned, and locally operated franchise of RE/MAX Int.. It was founded in 2000 by top producers for top producers. Their agents rank number one in the Mahoning Valley for average associate production and average volume of sales. RE/MAX Valley services the real estate needs of the Mahoning Valley, Trumbull, Mahoning and Columbiana Counties. "No one sells more real estate than RE/MAX." For more information please visit www.OurValleyHomes.com. About RE/MAX RE/MAX was founded by Dave and Gail Liniger in 1973, who still manage the company’s day to day operations. From a single office in Denver, Colorado, RE/MAX has grown to be a global network of nearly 100,000 Sales Associates in more than 70 countries. Remax.com offers consumers all home listings in thousands of U.S. cities and towns and is consistently ranked among the most visited real estate web sites. RE/MAX has been honored as the leading real estate franchise for nine of the last ten years in the oldest and most respected ranking, “The Franchise 500 Survey,” published by Entrepreneur Magazine. RE/MAX International is proud of its Premier Community Citizenship, which has raised over $100 million for deserving organizations like Susan G. Komen for the Cure, Children’s Miracle Network and The Sentinels of Freedom Foundation. For more information please visit www.remax.com or www.JoinRemax.com |
