According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region decreased from March to April. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, have been driving this increase in activity and increase in
sales prices over the past year or so. While sales volume is a bit lower, sales prices have shown an increase.
Sales
from
March to April do show an increase, however, sales from April 2013
to April 2014 show a decline.
Among the 15 counties in Northeast Ohio, we saw an 8.8% increase for
single family homes and a 31.6% increase in sales volume from last
month. Single family
home sales are down 2.6% and condominium sales are down 4.2% from April
of last year. Local home prices continue to increase, but at a slower
pace than 2013. We saw a 3.9% increase in annual price gains, up from
2.9% in February.
Ohio's
sales volume showed an increase of 3.8% from March to April. Ohio's sales
prices have increased by 7.4% from last April and national figures have
shown a 5.2% gain. Ohio and
Northeast Ohio's price increases have
slowed or stabilized recently, but the increases are what would be typically expected for the region.
The
key
point here is that the market is starting to stabilize and shifting to a
seller's market. Sellers are
getting more for their homes than last year, with
buyers paying a bit more to purchase a home to take advantage of the low
interest rates. Buyers should note that interest rates have decreased
slightly, hovering around 4.2%. A recent report indicates that
economists are projecting rates to rise to 5-5.5% by year-end.
This is a
great time for buyers who also have a home to sell, because rates are
still relatively low on the buying side, but home values have risen in
many areas to improve the financial return on the selling side. If the
economy continues to improve, buyers in the current market will be able
to realize value gains for the homes they purchase as well.
Showing posts with label Purchase. Show all posts
Showing posts with label Purchase. Show all posts
Friday, May 30, 2014
Thursday, April 24, 2014
Cleveland, Northeast OH Area Real Estate Market March 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region decreased from February to March. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, have been driving this increase in activity and increase in
sales prices over the past year or so.
Sales and price gains actually dipped a bit recently, however, which is
being attributed to the harsh winter weather experienced in the area.
Sales from February to March do show an increase, however, sales from March 2013 to March 2014 show a decline. Among the 15 counties in Northeast Ohio, single family home sales are down 5.9% and condominium sales are down 15.5%. Year-to-date, local sales of new and existing homes were lagging by nearly 1.7%. Single family home prices were up 1.8%, compared to last year. Condos were up 7.7% higher than March 2013.
Ohio's sales volume showed a decline by 6.6% from March 2013, while the US market is experienced a sales volume decrease of 7.5%. Ohio's sales prices have increased by 3.3% from last March and national figures have shown a 7.9% gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a seller's market. Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates. Buyers should note that interest rates have increased slightly, hovering around 4.5%.
This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side. If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.
Sales from February to March do show an increase, however, sales from March 2013 to March 2014 show a decline. Among the 15 counties in Northeast Ohio, single family home sales are down 5.9% and condominium sales are down 15.5%. Year-to-date, local sales of new and existing homes were lagging by nearly 1.7%. Single family home prices were up 1.8%, compared to last year. Condos were up 7.7% higher than March 2013.
Ohio's sales volume showed a decline by 6.6% from March 2013, while the US market is experienced a sales volume decrease of 7.5%. Ohio's sales prices have increased by 3.3% from last March and national figures have shown a 7.9% gain. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation.
The key point here is that the market is starting to stabilize and shifting to a seller's market. Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates. Buyers should note that interest rates have increased slightly, hovering around 4.5%.
This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side. If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.
Tuesday, April 1, 2014
Cleveland, Northeast OH Area Real Estate Market February 2014
According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region increased from January to February. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, have been driving this increase in activity and increase in
sales prices over the past year or so. Prices actually dipped a bit recently, however.
Low inventories continue to prevent some would-be buyers from making deals. Fewer homeowners put their properties on the market in February, when compared with listing-service figures from January. Overall, new listings are down 8.3% this year.
Sales comparing February 2013 to February 2014 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 3.6% but a slight decline in condominium sales. and is showing a 5.7% price decrease from last February,
Ohio's sales volume showed a decline by 4.3% from February 2013, while the US market is experienced a sales volume decrease of 7.1%. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation. There is still a concern that home prices are rising faster than income growth.
The key point here is that the market is starting to stabilize and shifting to a seller's market. Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates. Buyers should note that interest rates have decreased slightly, hovering around 4.5%.
This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side. If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.
Low inventories continue to prevent some would-be buyers from making deals. Fewer homeowners put their properties on the market in February, when compared with listing-service figures from January. Overall, new listings are down 8.3% this year.
Sales comparing February 2013 to February 2014 still show increasing sales figures. Among the 15 counties in Northeast Ohio, single family home sales are up 3.6% but a slight decline in condominium sales. and is showing a 5.7% price decrease from last February,
Ohio's sales volume showed a decline by 4.3% from February 2013, while the US market is experienced a sales volume decrease of 7.1%. Ohio and Northeast Ohio's price increases have slowed or stabilized recently, while the US sales prices continue to rise at a higher rate, which has been historically the case in our area compared with the nation. There is still a concern that home prices are rising faster than income growth.
The key point here is that the market is starting to stabilize and shifting to a seller's market. Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates. Buyers should note that interest rates have decreased slightly, hovering around 4.5%.
This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side. If the economy continues to improve, buyers in the current market will be able to realize value gains for the homes they purchase as well.
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