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Northeast Ohio house prices up 6.4 percent in August

September 18, 2018

Northeast Ohio house prices up 6.4 percent in August

CLEVELAND, Ohio – House prices maintained their momentum in August, climbing 6.4 percent across Northeast Ohio.

Amid steady buyer demand and scant listings, average sale prices were up sharply from August 2017 in many of the 18 counties tracked by Yes MLS, a real estate listing service.

In Cuyahoga County, the average sale price for a new or previously owned house or condominium rose 9 percent from a year before, to $184,288. Summit County’s average sale price hit $180,616, a 6.4 percent annual gain.

Buyers in the region paid as little as $4,500 and as much as $3.3 million for homes last month, the listing service reported.

Home sales picked up, too, rising 4.2 percent from their August 2017 levels and picking up from July’s pace. And properties changed hands at a faster clip. Homes sold in August spent 61 days on the market, on average, about a week less than a year before.

Sales were up 3 percent in Cuyahoga County, when compared with a year before, and 0.8 percent in Summit County. Lorain and Stark counties posted notable jumps, up 12 percent and 17.6 percent, respectively. But sales slid 10.3 percent in Lake County.

So far this year, regional home purchases are up 1 percent, when compared with the first eight months of 2017. That’s a difference of 316 sales, according to the listing service’s figures.

New listings, meanwhile, are basically flat, down 0.3 percent from last year.

Reports on statewide home sales and national sales of existing homes will be released Thursday.

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