Toledo area home sales drop five percent from a year ago

The bad news: home sales in the region are down. The good news: homes in the region are holding their value.

Sales of single family homes in Lucas County through the first quarter of the region dropped five percent from the same period one year ago, according to the Toledo Board of Realtors. However, the average sale price of a home in Lucas County was $86,660 which is unchanged from the same period a year ago.

"It's important to remember that February was a record breaking month for snow accumulation and the First Time Home Buyers Tax Credit was in effect during the first quarter of last year," said Ed Sitter, President of the Toledo Board of Realtors. "I think the number of homes sold this year would actually be higher than last year had the tax credit not been in place."

Sitter pointed out that the second quarter is the busiest time of the year for home sales and that home prices have steadily increased through the first quarter of the year.