Ohio’s August housing report: Low inventory, brisk sales pace & stablizing prices

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The most recent report on the Ohio housing marketplace shows that compared to the findings of a year ago, the inventory of homes for sale remains extremely low, the number of days properties are being marketed continues to shrink and prices continue to moderate. According to REALTOR.com’s August 2013 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 146 cities across the country: August data shows the inventory recovery is broad and growing, and the net number of listings increased even though the summer season is ending. While the national median list price did not change compared to July, price increases are becoming more widespread; more than 80 percent of the markets covered registered a year over year increase in median list price. Many smaller industrialized markets in the Midwest and the Northeast continue to struggle, and several major Florida markets are showing signs of re-emerging weakness. This underscores the uneven nature of the housing recovery and its dependence on the strength of the local economy. Compared to the findings from a year ago, the Ohio market continues to lag in the total number of homes being listed for sale. Notably, the days home are on the market have declined significantly. August 2013 vs. August 2012 Median List $ Total Listings Median Age of Inventory Akron-4.08%-4.70%-8.51% Cincinnati 0.07%-4.43%-9.18% Cleveland-Lorain-Elyria-0.87%-6.84%-15.24% Columbus 1.01%-6.89%-26.88% Dayton-Springfield-0.91% 24.93% 1.14% Toledo 9.95%-10.06%-13.27% U.S. 6.39%-2.50%-8.00%“It’s apparent that the Ohio housing market is continuing to move forward in its recovery effort, as homes are selling at a quicker pace than they were just 12 months ago,” said Thomas J. Williams, president of the Ohio Association of REALTORS. “Equally important, we are experiencing a stabilization in pricing.”