Ohio's housing market softened in September while home resales nationwide saw their largest monthly increase in 26 years.
Industry officials say buyers have been trying to move quickly to beat next month's scheduled expiration of a tax credit for first-time home owners. Lawmakers are negotiating to extend, and gradually reduce, the $8000 tax credit. Real estate agents, mortgage brokers and homebuilders are pressuring them to extend the credit before it expires at the end of November.
The National Association of Realtors says U.S. sales of existing homes reached their strongest pace in two years, jumping 9.4 percent from August to September.
In Ohio, 9,740 existing and new homes sold last month. The Ohio Association of Realtors says sales were down 1.7 percent from August and down 6.3 percent from the September 2008 level. Ohio's average home price last month was about $134,300, slightly higher than a year ago.
