It is time for our monthly look at the housing statistics for northeast Ohio. Today I will compare the NEOHREX May 2013 over May 2012 statistics. Average sale price is up 12.6%, median sale price up 16%. Supply and Demand (S&D) shows under contract properties up 25.3%, solds are up 6.6% while listing inventory dropped by 12%. The sales rate MSI (month’s supply of inventory is down by 35.4% and that is the lowest in the past three years! The sales absorption rate is at its highest level in the past three years and that is excellent news for the future housing market in northeast Ohio. Adding to the good news is that while mortgage interest rates have begun to rise, it is still possible to secure a 30 year fixed rate mortgage for as low as 3.4% according to bankrate and if you can manage a 15 year fixed rate it is as low as 2.4%. A word of warning though, these rates are on the rise and window of opportunity may be shrinking. Today may be the best time to make a move. Best regards, Carl R. DeMusz, RCE President & CEO Northern Ohio Regional MLS
Posted on: Tue, 11 Jun 2013 15:01:06 +0000
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