Posts made by author 'Amanda Stuchell'
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Ohio Market Watch: Good time to make a move
Ohio Market Watch: Good time to make a move
By Greg Stitz, Ohio REALTORS Director of Research
We asked participants in December 2017's Ohio REALTORS housing market confidence survey about their perceptions as to whether it was a good or bad time for their buyers to buy a home. Findings show that 94 percent of Ohio REALTORS believe their buyers found it was a "good" or "okay" time to buy. Only 6 percent believed it was a "bad" time.
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Ohio's 2017 housing market sets best-ever levels in sales, average price and dollar volume
The Ohio housing marketplace was extremely robust in 2017, as the sector established record-setting levels in the rate of sales activity, average sales price and total dollar volume, according to Ohio REALTORS.
Homes sales finished 2017 with a seasonally adjusted annual rate of 151,748, a 1.9 percent increase from the 2016 year-end rate of 148,952. The average sales price across Ohio in 2017 reached $172,870, a 5.7 percent increase from...
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Historically low inventory, rising list prices and fewer days on the market
By Carl Horst, Ohio REALTORS Director of Publications/Media Relations
The latest review of the Ohio housing marketplace shows a continued rise in list prices and fewer days homes are being marketed compared to July 2016. Overall, the Buckeye State is continuing to confront the challenges posed by historically low inventory levels of homes listed for sale.
The headline from realtor.com's July 2017 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for cities across the country, is that the market continues to favor sellers, with homes selling faster than last year in eight out of 10 markets. More:
Prices in the residential real estate market remain at seasonal and historical peaks while for-sale inventory remains very limited, according to...
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The Cost of Renting vs. Owning
To help Americans better understand if renting or owning a home is a more affordable option, personal finance website GOBankingRates.com has released a guide detailing how monthly rent compares to monthly mortgage payments across the U.S.
The investigation found that it's cheaper to own a home than it is to rent one in 42 states. Renting is more affordable in only eight states and the District of Columbia.
"The good news is mortgage rates are near historic lows," said Kristen Bonner, lead researcher on the study. "Unfortunately, Americans are still running into road blocks with being able to save enough money to afford a down payment and are therefore forced to rent."
The study compared median rent prices for single-family homes against the median list price of homes in each state. GoBankingRates.com assumed a 20 percent down payment for the median list price and applied a 30-year fixed-rate loan term. It also included the cost of property taxes and insurance...
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Ohio’s May Housing Report; Tight inventory of homes for sale and rising asking prices
By Carl Horst, OAR Director of Publications/Media Relations
The latest review of the Ohio housing marketplace shows a continued increase in asking prices and a slight rise in the number of days homes are being marketed for sale compared to May 2015. Overall, the Buckeye State is continuing to confront the ongoing challenges posed by a tight inventory levels of homes listed for sale.
New data from REALTOR.com shows that the 2016 home buying season is in full swing, with homes in May moving as fast as we've seen since the housing recovery began – even as asking prices continue to hit new record highs.
Based on preliminary May data, the median age of properties on REALTOR.com in May was 65 days, which was one day faster than a year ago and two days faster than last month. The median home was listed at $250,000 – 9 percent higher than one year ago and 1 percent higher than April. For-sale housing inventory also continues to increase on a monthly basis, but is still lower than one year ago.
"Based on our final read of demand and supply data in May, this spring's real estate market is coming in strong, just as we expected," said Jonathan Smoke, chief economist of REALTOR.com. "Pent-up demand and low mortgage rates are driving consumers into the market with urgency. However, the recurring issue of limited supply is leading to record-high prices.
"Thankfully we are finally seeing gains in new single-family construction and new home sales to provide a pressure release. Potential buyers are finding they can avoid a competitive bid situation if they elect to sign a contract on a home to be built. As the share of new homes sold goes up, we should eventually see signs of more balance in the existing home market, like lower price appreciation. However, we clearly aren't there yet."
Compared to the findings from a year ago, all nine Ohio markets tracked reported an increase in the median list price in May. A majority of cities experienced tighter inventory levels and longer market time compared to May 2015 levels.
May 2016 vs. May 2015
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"While we're continuing to see significant progress within the Ohio housing market, the low inventory levels in many areas is a challenge," said Sara Calo, president of the Ohio Association of REALTORS. "The shortfall in inventory is resulting in higher list prices and a factor in quickening the pace of sales."