Cleveland Home Prices Outpacing National Average

Cleveland Home Prices

 

Data released on May 28th by the S&P/Case-Schiller Home Price Indices found that Cleveland home prices have appreciated faster than the national average. The Home Price Indices, which are the leading measure of U.S. Home Prices, show home prices in the 10-City and 20-City Composite Indices increased 0.8% and 0.9% respectively between February and March.

Cleveland home prices appreciated 1.5% in March. This marks a 3.1% turnaround in home price value from a decline of 1.6% in February, which is the largest month-over-month improvement in the nation. Leading the charge are Cleveland suburbs like Lakewood, Lyndhurst, and Cleveland Heights. Month-over-month home prices for these suburbs have increased by 36% in Lakewood, 21% in Lyndhurst, and 17% in Cleveland Heights.

The rise in suburban home values has been supported by strong sales numbers. Over the two month period from February to March, closed home sales in Lakewood increased by 80% and contracts written increased by 63%. In Lyndhurst and Cleveland Heights these numbers were even higher! Over the two month period, closed home sales in Lyndhurst increased by 24% and contracts written by a staggering 140%. Cleveland Heights experienced similar growth and saw a 19% increase in closed home sales and a 109% increase in written contracts.

For the three suburbs, the amount of homes for sale rose between 9% and 12% to accommodate the heightened demand from buyers.

The S&P/Case-Schiller data also showed that home prices nationwide are returning to mid-2004 levels. Measured from their pre-recession peaks in June and July 2006, the decline from the peak-to-current home prices for both Composites is approximately 19 to 20%. The recovery from the March 2012 lows is 24% for the 10-City and 20-City Composites. All 20 cities weighted in the composite index saw home prices improve in March compared to February prices. San Francisco and Seattle posted the biggest monthly gains of all cities at 2.4% and 1.9% price increases, respectively.

For more information on Cleveland home prices, contact the real estate experts at the Keller Williams New Homes Team.

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