Youngstown-Warren, OH-PA

There is no doubt that the Youngstown-Warren, OH-PA combined statistical area (CSA) has been hit hard by the housing market crash of 2008. However, there are signs that the market is beginning to rebound. Home sales have increased for three consecutive years, and prices have begun to stabilize.

The CSA was particularly hard hit by the foreclosure crisis. In Mahoning County, one in every ninety-six homes was in foreclosure in 2010. However, foreclosures have declined sharply since then, falling to one in every two hundred and fifty-six homes in 2016. This is still a high rate, but it is a significant improvement.

The decline in foreclosures has helped to stabilize prices in the CSA. Prices had fallen sharply during the housing market crash, but they have begun to rebound in recent years. The median home price in the CSA was $85,000 in 2016, up from $75,000 in 2015 and $65,000 in 2014.

The rebound in home prices has been driven by strong demand from buyers who are taking advantage of low interest rates and attractive prices. The number of homes sold in the CSA increased from 2,936 in 2014 to 3,317in 2016. This trend is expected to continue as more buyers enter the market and take advantage of favorable conditions.