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Home selling prices drop in Toledo

Prices for homes in Toledo, and Akron, Ohio, have decreased significantly over the past year.

Prices for homes in Toledo, and Akron, Ohio, have decreased significantly over the past year.

According to a recently released report from the Federal Housing Finance Agency, Toledo, Ohio, is ranked No. 154 out of 366 metropolitan areas nationwide in home sales prices, which drove numbers for the entire state down. Despite this bleak news for the Ohio real estate market, current low house prices might inspire some people to gather relocation information and consider making a move.

The city had few homeowners whose mortgage balances were higher than the value of their homes, and did not compare well in home price declines when held up against other major Ohio cities.

Toledo reported a 3.86 percent decrease in the average price of homes sold, and a 13.54 percent decrease in the past five years, which is second only to Cleveland's 14.01 percent, according to the report.

On a national scale, home prices fell 3.7 percent from 2010. The report also showed that nationally, about 10.7 million properties, or 22.1 percent of properties with a mortgage, had outstanding loan balances that were higher than the value of the homes.

Akron also reported declining numbers and was ranked lower than Toledo. Akron ranked No. 171 with a 4.33 percent price drop for the year.

The average home value in Ohio is $101,500, according to Zillow.