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Old 01-14-2021, 09:03 AM
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This thread will host posts regarding Greater Cleveland (Cuyahoga, Lorain, Medina, Geauga and Lake counties) home prices.

See posts 4051, 4052, 4054, 4056 (2020 home price change by Cuyahoga County community), and 4058 in this thread.

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Old 03-15-2021, 10:00 AM
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Default Factors to consider when comparing housing prices in different communities

While focused on comparing Chagrin Falls and Cleveland Heights housing prices, this thread offers many considerations worthy of thought when exploring options elsewhere in Greater Cleveland.

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Old 03-27-2021, 09:10 AM
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Default Zillow shows Cleveland city proper home prices up 21 percent YOY

Through February 2021, Zillow calculates that home values in the city of Cleveland are up over 21 percent, albeit from very low levels a year ago!


For suburbs popularly discussed in this forum such as Shaker Heights, Cleveland Heights, and Lakewood, Zillow says home values are up 16.6, 15, and 13.5 percent, respectively. Low double digit appreciation seems the rule in other Cuyahoga County suburbs. Lower priced suburbs, like Cleveland experienced higher appreciation, such as Maple Heights (22.3 percent) and Euclid (14.3 percent).

Except for Willoughby Hills (10.8 percent), a quick check of several Lake County communities shows YOY appreciation in the high single digits.
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Old 03-30-2021, 08:21 AM
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Default Case-Shiller Cleveland index lags behind

In January, Cleveland home prices lagged behind the nation, according to the S&P CoreLogic Case-Shiller 20-city index of home prices. Case-Shiller claims to be the leading measure of U.S. home prices. The YOY increase in home prices may moderate given higher home prices, rising mortgage rates, and lower COVID transmission rates due to vaccination, according to the following article.

<<What happened: Prices rose on a monthly basis in 19 of the 20 large cities tracked by Case-Shiller, with Cleveland being the only city to see prices drop. Compared to January 2020, prices were up in all 20 cities the report tracks....

“We expect time on market and price gains to moderate as we approach spring and more sellers put homes up for sale, but potential buyers will face new challenges later in the year,” said Danielle Hale, chief economist at Realtor.com.

Chief among those challenges is the recent increase in mortgage rates. So this year, mortgage rates have risen over half a percentage point, and mortgage rates jumped above the 3% for the first time since last summer earlier this month. Higher interest rates mean higher housings costs for home buyers, naturally.

As a result, some home buyers will be forced either to lower their budget for the property they wish to purchase or exit the market entirely if owning a home simply isn’t within their means anymore. That could put some pressure on home prices, causing the rate of home price appreciation to slow later this year.>>


YOY appreciation in the Greater Cleveland market may reflect national trends. However, the 11.71 percent one-year return in Cleveland is greater than the national 20-city YOY return of 11.1 percent.



Note that the Case-Shiller home price indexes use a 3-month moving average and our published with a 2-month lag (from the chart caption in the above links).

<<The S&P CoreLogic Case-Shiller Home Price Indices are calculated monthly using a three-month moving average. Index levels are published with a two-month lag and are released at 9 am EST on the last Tuesday of every month. Index performance is based on non-seasonally adjusted data.>>

Additional methodology is here (I haven't read it).

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Old Today, 02:23 AM
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Default Housing inventories for sale at extraordinarily low levels

Realtor reports historic low levels of housing units for sale in Cuyahoga County:

<<“Today, these are historic low inventory rates,” Seth Task, president of Ohio Realtors, told News 5. “I look in Cuyahoga County on an almost daily basis. Yesterday, there were 1,332 active listings in the entire county of single-family and condominium properties. That’s incredibly low. Even last year and two years ago when we thought inventory was low, those levels were 3,000 and 4,000 daily properties.”>>

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