The Cincinnati real estate market is starting to make a recovery, at least according to some of the most important indicators of economic health in the real estate sector. According to an April 22, 1010 article in the Business Courier of Cincinnati, “Home sales in Greater Cincinnati and Northern Kentucky set an energetic pace in March, helped along by an extended federal tax credit for buyers. The Cincinnati Area Board of Realtors reported 1,583 closings in March, up almost 14 percent from 1,389 in March 2009. Gross volume improved 26 percent, to $241.1 million from $191.2 million, and the average sale price grew almost 11 percent, to $152,287 from $137,648.” The piece continued to note that “…gross volume is up 12 percent, to $510.4 million from $455.2 million, and the average sale price rose 14 percent, to $150,999 from $132,300.”

This same good news for Cincinnati homes for sale was reported by an April 22, 2010 article in the Cincinnati Enquirer. This piece found that “Home sales rose across the region in March – jumping nearly 14 percent in Southwest Ohio and roughly 3 percent in Northern Kentucky, according to reports out today. All told, 1,583 homes were sold in March, up 13.9 percent compared to the same month last year, according to the Cincinnati Area Board of Realtors. In Northern Kentucky, sales climbed 3.2 percent with 388 sales compared to 376 sales in March 2009.” The article, written by Lisa Bernard-Kuhn, continued to state that “Realtors credit the boost in March to federal tax credits for first-time buyers worth up to $8,000 and up to $6,500 for repeat buyers.”

Foreclosures in the Cincinnati real estate market are less of a problem recently, thanks to a series of local, community, and government efforts, according to another article in the Enquirer by Gregory Korte. This piece, released on April 19, 2010, found that “The city is also helping to buy and fix up homes in the neighborhoods of Avondale, Bond Hill, College Hill, Madisonville, Northside and Westwood. In South Fairmount, the federal money is tearing down blighted homes, and in Evanston it’s being used to build affordable housing.”

Lawrence, a suburban community located just northeast of Indianapolis, the state’s capital, is located in Marion County, the same county as the capital, and is one of the county’s four “excluded cities,”  that is, not considered part of Indianapolis. It is home to a population of around 40,000. Though the Indianapolis area real estate sector didn’t see pre-crisis price rices on the same level that many overinflated real estate markets across the country did, nonetheless the Lawrence real estate has been affected by the downturn in the economy and has seen values of homes fall and inventory and foreclosures rise.

Statistics available from the Metropolitan Indianapolis Board of Realtors show that the greater region has seen mostly improvement in the market in the period ending Feb. 28. Sales volume were down slightly over three months, but up 10% over six months and down just 1% for the year. Pending units were up in each time interval, up 19% in three months, 17% in six and 6% year-over-year. Even median sales prices in the region seemed to be stabilizing: The price was up 11% in three months, up 8% over six months and flat over the year.

Marion County, specifically, shows mixed signals. The number of homes sold was down over three months 8%, from 2,172 to 1,990. It was up 6% over six months though, and down 3% for the year. Average sale prices in Marion County, unlike many city across the nations, saw rises over the past year. The three-month average was up 18% to more than $101,000 from around $86,000; the six-month average was up 10% to more than $104,000, and the one-year average was at more than $105,500, 2% higher than in 2009.

The amount of Lawrence homes for sale still has increased only slightly. At the end of February, Marion County had a 10.3-months‘ supply worth of homes for sale, up slightly from 2009′s 8.8 months’ and 2008′s 9.6 months’. The homes with the longest durations on the market, unsurprisingly, are those in the upper ends. There are 56 months’ worth of supply of homes priced at $750,000 to $1 million, while those more than one million have a 54.5 months’ supply.

The Columbus real estate market has been serious enough to cause strong reactions from the state and federal governments. Overall, Columbus’s rate of decline has been largely driven by unexciting figures regarding home sales, home prices, and foreclosures. According to an October 19, 2009 article in the Columbus Dispatch, condo sales in Columbus may potentially slow due to new Federal Housing Administration loans. The piece, written by Jim Weiker, found that “Federal rules set to take effect in two weeks are expected to make it much tougher to buy and a sell a condominium…Condominium associations, along with the National Association of Realtors and the National Association of Home Builders, are seeking to overturn or change the regulations, which are scheduled to take effect Nov. 2.”

There was a recent decline in home sales, a vital part of real estate in Columbus, according to another article by Jim Weiker. This piece, released on September 25, 2009 in the Columbus Dispatch, stated that “Home sales numbers nationally dipped unexpectedly last month after four months of gains, providing evidence that the housing market recovery remains fragile. Sales of Columbus-area homes dropped 8 percent from August 2008, according to the Columbus Board of Realtors. Sales in Ohio were down 14.4 percent, according to the state Realtors association…In central Ohio, the average sales price fell 4 percent to $168,873. Statewide, the average price dropped 9 percent to $128,8440…The story is similar in central Ohio, where 14,554 homes were on the market at the end of August, down 14 percent from a year earlier and more than 26 percent from August 2007.”

Even though the proportion of Columbus real estate driven by Columbus homes for sale has increased recently, the area is not entirely devoid of hope. According to an October 15, 2009 article in Columbus affiliate NBC4i, “The number of homes in foreclosure continues to rise. A new report by the group RealtyTrac shows the foreclosure rate jumped five percent between summer and fall. The report cites rising unemployment is the key factor behind the increase. The latest report indicated Ohio had the nation’s 13th highest foreclosure rate during the third quarter, with 1 out of every 171 households going into foreclosure.”