How is the housing market in Northeast Ohio?

If you have been paying attention to the housing market, you have heard that things are looking good. This is very true! So far this year, every update and statistics report that has been released has revealed great news for the housing market. Here are a few highlights from the National Association of REALTORS®…

  • February existing home sales were at the highest level since the tax credit period of November 2009

  • Total housing inventory rose 9.6% at the end of February to 1.94 millions homes for sale in the US. But, inventory is still lower than previous years

  • Average median home price is up 11.6% from last year, reaching $173,600 in February

  • Distressed homes (foreclosures and short sales) accounted for 25% of sales in February, down from 34% in February 2012

  • Interest rates are still low averaging about 3.53%. Not much change from last year.

  • Median days on market is 74 in February. A big change from February 2012 when it was 97

These national averages are all looking good! Rates are still low which is great news for buyers! Homes are selling quicker and in some cases at a higher price, which is great news for sellers. These are all national stats, let’s take a look at our region…

Our Region – Northeast of the US

  • Home sales fell in February, but are still 8.6% above February 2012

  • The media price is $238,800, 7.6% above 1 year ago

Lawrence Yun , NAR chief economist, said conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he said. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.”

Right now we are seeing a busy market. Buyers are out looking for homes now, but Sellers are being shy creating a “low inventory-high demand” situation in some areas.

*All stats and facts are from Realtor.org.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s