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Economy and Business

Housing prices are steadily increasing in Northeast Ohio
The housing market is continuing its recovery from the economic downturn

Ozie Ikuenobe

The latest national report on housing prices shows they continue to climb in Northeast Ohio and 19 other major markets.

The Standard & Poor’s/Case-Shiller Home Price index says prices were up in the Cleveland-Elyria-Mentor area in August by 1.1 percent over the same month a year ago.

Nationally, they were up an average of 2 percent. And they went up in every one of the 20 markets except Atlanta.

Richard Perrin, a member of the Knox County Board of Realtors, says he’s optimistic about the future of the housing market.

Perrin on housing prices

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“Slow and steady wins the race. We are rebounding from a rather dramatic downturn in the housing market. I do not pretend to have a crystal ball, but barring any kind of major financial upset, I just see a very nice and steady climb out —or forward progress so to speak, where home prices are gonna start appreciating again.”

 In addition to prices rising, the number of sales is up and the number of houses sitting on the market is decreasing.

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