By Greg Stitz, Ohio REALTORS Director of Research

For the past three years residential appraisals have been coming in higher for more than half of respondents to Ohio REALTORS housing confidence survey. This April, 59 percent indicated appraisals are coming in higher, which is a few percentage points less than the 62 percent reporting the same last year. Also, 38 percent of respondents to this year's survey indicate appraisals have stayed the same and only 3 percent are noticing appraisals coming in lower in their area.

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,200 Ohio REALTORS participants. 

The pace of homes sold across Ohio in April reached a record-breaking level, according to Ohio REALTORS.
"Activity in April was extremely robust across the Buckeye State, as our sales totals reached record-breaking levels," said Ohio REALTORS President Tiffany Meyer. "Equally important, the marketplace achieved a continued, steady rise in the average sale price, an indication that housing is a solid, long-term investment.
"The profession is hopeful that we'll see an uptick in the number of homes being marketed for sale, a key factor in ensuring that the momentum we've attained continues," Meyer added.
April's average home price of $179,366 reflects a 5.3 percent increase from the $170,375 mark posted during the month last year.
Sales in April reached a best-ever seasonally adjusted annual rate of 156,594, a 3.3 percent increase from the 151,525 level during the month a year ago. The month's previous record rate of home sales occurred in April 2016, when the level of...

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Ohio Market Watch: Ohio millennials' ability to find a home a challenge

By Greg Stitz, Ohio REALTORS Director of Research

For the past two years Ohio REALTORS have been asked to indicate the affect low entry-level housing inventory having on millennials' ability to purchase a home in Ohio. According to 90 percent of Ohio REALTORS responding to the organization's March housing confidence survey, low inventory is substantially (47 percent) or slightly (43 percent) hindering millennials' ability to find a home. The combined percentage last year was 84. Only 10 percent of respondents find that low entry-level inventory is not hindering millennials' ability to find a home to buy in their area.