Ohio Real Estate & Other Housing Markets Improve
Well, I'm happy to report we're seeing a better "balancing out" around the nation with the housing market and real estate sales in general. Existing-home sales actually increased for the first time this year in April, while inventory meaningfully increased and home price growth moderated, according to NAR (the National Association of Realtors). Monthly gains for home sales in the West and South offset a modest decline in the Midwest while the Northeast was unchanged.
For Ohio, I can tell you that some cities and territories sales improved but overall (state wide) sagged but only just a little bit compared to this time last year. Does that mean it's a bad time to buy or sell? Not at all! Again, I see a welcome and long overdue balance forming, and of course, this takes place at different rates around the nation. Ohio real estate was one of the hardest hit housing markets and also why Ohio real estate was one of the fastest to "bounce back" in 2012 and 2013, so, a little slow down right now is perfectly natural, and no cause for alarm or worries for buyers or sellers.
The fact is, homes for sale in Ohio continue to enjoy steadily rising (albeit slowly) rising prices while mortgage lending rates remain low. This has bought a lot of time for would be first time buyers to get it together to make a purchase and those with reason for considering selling a home are exhibiting more confidence. I would still get off the fence and buy this year to take advantage of this housing market such as it is. It may not be the rock bottom days of deep discounts any longer, but my goodness it's still a landscape of good bargains out there. Imagine a few years from now when everything is much higher or rates have increased 50% to say 7 - 9%. Now you're talking substantially more.
For the Midwest (mind you, this only includes Ohio, but doesn't fully represent the Buckeye state) home sales slipped 1.0 percent in April to a pace of 1.03 million, and are 9.6 percent below a year ago. The median price in the Midwest was $157,200, which is 5.8 percent above April 2013. See? More choices (more inventory) great prices but rising. What's not to love here? This is great for homes for sale in Dayton Ohio to Cincinnati real estate to Columbus and Cleveland housing markets.
National Association of Realtors President Steve Brown, also the co-owner of Irongate, Inc., Realtors in Dayton, Ohio, stated the housing market heated up last month. "The typical time on market shrunk in April, with four out of 10 homes selling in less than a month," he said. "Homes that show well and are properly priced tend to sell the fastest. More housing inventory gives buyers better choices, and takes the pressure off of the buying process, which is a welcome sign, especially for first-time buyers."
Of course, Ohio Realtors could want a little more action but trust me when I say most of us are quite busy, and there's plenty of business to go around at the moment. The thing that many buyers fail to realize is that news and media do two things I wish they didn't; sensationalize and generalize. You may hear doom and gloom from national reporting on the housing market while many specific territories are doing well, or just the opposite, they may spell out sunshine and jellie beans but forget this or that area is still hurting, and not always for the reasons you'd think. If you really want to know, ask a local professional Ohio Realtor like me.
Sources - NAR: Read the full report.
Juanita Limes - Your Greater Dayton Area Ohio Realtor - Give me a shout for all your real estate needs,
937-776-6903 or just email me.