Ohio home sales fall 35 pct in July compared to June, trade group cites end of tax credits

Ohio home sales drop 35 pct from June to July

COLUMBUS, Ohio — A trade group says home sales dropped in Ohio last month as the market slowed following the expiration of government tax credits for buyers.

The Ohio Association of Realtors says 7,840 new and existing homes sold across the state in July, down 35 percent from June.

Ohio’s average sale price fell 7 percent to about $137,000.

Sales of existing homes nationwide fell 27 percent in July, and a report released Tuesday by the National Association of Realtors says that was the weakest showing in 15 years. The decline in July sales compared with June was worst in the Midwest, at 35 percent. Sales sank 30 percent in the Northeast.

The tax credits had helped drive sales in the spring, especially among first-time buyers of less expensive homes.