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Ohio, U.S. Home Sales Softened in May

The decline is tied to rising prices and mortgage rates

Home sales dipped in Ohio and across the nation last month, as prices climbed, mortgage rates inched up and would-be buyers were stymied by a persistent shortage of available properties.

The Ohio Association of Realtors said Wednesday that statewide sales of new and previously owned homes were off 1.1 percent in May, when compared with a year before. Sales slid 3.6 percent from April, based on seasonally adjusted figures.

In a post on its website, the trade group described sales as "solid" and emphasized how much prices are rising. Buyers paid an average of $187,274 last month, up 5.9 percent from May 2017.

Please select this link to read the complete article from The Cleveland Plain Dealer.

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