Home values in the Cleveland area edged upward for a third straight month, further signalling a more stable real estate market. Ideastream’s Bill Rice reports.
The average price of a home in the Cleveland metro area rose 4.2 percent from May to June. That’s according to the closely watched Standard and Poors Case Schiller Index of home prices, which tracks home sales in 20 cities. That’s a greater increase than the previous month, and puts Cleveland ahead of all other cities tracked. The seasonally adjusted increase, which some consider to be the more realistic figure, is lower – 3.4 percent, but still outshines other cities in terms of percentage increase.
Ned Hill, an economist at Cleveland State University, sees the rise over three straight months as a welcome sign that the real estate market in Greater Cleveland is indeed turning around. He says Cleveland’s showing in the rankings is largely a matter of timing.
We got hit first and hardest by foreclosures, and other parts of the country are really experiencing what we went through last year now – particularly in the overbuilt sunbelt areas.
Hill says bargain hunters, especially those taking advantage of a first time home buyers credit, have scooped up many of the best deals left from the economic and foreclosure crises, and that’s stabilized prices of homes that remain on the market.
Despite the rise, prices in Cleveland are still hovering around the level see in 2001, and 14 percent below the peak in January, 2008.
Bill Rice, 90.3.