Cleveland-area house prices are rising faster

This article comes from http://realestate.cleveland.com/ by Michelle Jarboe that discuss's today's real estate market still not being at 2004. Imagine buying a car at 2004 levels that would be a great deal right?

A Tuesday report showed that prices in the Cleveland-Elyria-Mentor area were up 4.1 percent in February, when compared with a year before. That annual growth rate sped up from January, but continued to lag price gains in most other major cities, according to the S&P CoreLogic Case-Shiller Indices.

It's great to lag a little from other areas, Cleveland didn't see the down turn in pricing that most large cities saw in the recession. Cleveland also did not have the modern downtown that is expanding on a daily basis. That alone will keep prices going north as the downtown gets finished. Cleveland has many new projects going.

Employment growth continues to support rising home prices in many cities, said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

That is the key to rising prices is jobs, economy, higher wages and it is very good right now and looks to continue for the nest few years at least. Buying a home today is harder that is was because of the inventory issues.

" More inventory is the one cure sure to take this edge off, and there are some faint signals in more recent data that a shift may be coming - inventory of existing homes has risen for the past three months, and construction activity is at its highest point in a decade," she said. "But buyers in the market now shouldn't hold their breath."

That is a very true statement, how many new sub divisions that were mid priced was going up in the last 12 years? Regulations killed new mid priced home builds and they stopped building most of them for 10 years. Imagine not making mid priced cars for 10 years yikes what would the prices be now on cars?

You have a lot of land locked cities that cannot build new homes and only have existing homes. They need to tear down to build new which will really effect the prices on existing homes.

Buying real estate can be stressful unless you have an agent that gives you the tools to succeed. I'm Brett call 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona

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