area housing prices up first time in year Cleveland
*Compliments of The Plain Dealer 6.24.08.
Home prices in the
The Standard & Poor's/Case-Shiller home-price index looks at existing single-family homes sold in 20 major markets, including the Cleveland-Elyria-Mentor area.
Nationally, the index dropped 1.4 percent from March to April. But the Cleveland-area index rose 2.9 percent, marking the first month-to-month home price increase here since May of last year -- and the biggest one-month gain in the 20 metro areas.
The index for lower-priced homes in Greater Cleveland rose the most -- 5.9 percent for homes under $114,448. Homes from $114,448 to $182,222 rose 1.4 percent and homes over $182,222, 3.8 percent.
"The downside is their overall growth has not matched some of the stronger markets.
The Case-Shiller report shows that
Local home values
Cleveland-area housing has appreciated overall by 9.55 percent since January 2000. Higher-priced homes have done the best since 2000.
Up 12.63 percent.
$114,448 to $182,222
Up 6 percent.
Down 10.75 percent.
SOURCE: S&P/Case Shiller Home Price Index
Increased home prices from March to April may not mean much, Maitland said. It's typical to see demand and prices rise as the
According to statistics last month from the Northern Ohio Regional Multiple Listing Service, the number of single-family homes sold in six
Carl DeMusz, president and chief executive of the multiple listing service, said this year's spring jump was particularly high and could have contributed to higher prices. But the prices also could reflect fewer sales of foreclosed properties, which banks typically sell at heavy discounts, he said.
"There's a lot of dead wood out there that's starting to disappear," he said.
David Blitzer, chairman of the index committee at S&P, cautioned against being too optimistic.
"I would not declare the whole show over and a great turning point or anything like that," he said -- especially since the Cleveland-area home price index is still down 6.8 percent from where it was a year ago.
Nationally, the 20-market index fell a record 15.3 percent in April compared with the year before. It was the biggest decline since the index began in 2000, topping the 14.4 percent record of March.
The composite was pulled down by markets like
Only six markets had better results than the
Barbara Reynolds, president of Real Living Realty One in
Enzo Perfetto, a spokesman for the Home Builders Association of Greater Cleveland, hopes that increased values and sales of existing homes will lead more people to buy new ones.
"We take reports with a grain of salt," he said. "I think everybody kind of has a cautious eye to the next report, but it's definitely a breath of fresh air to see a report in a positive direction for