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Economy

Housing Inventory in Northeast Ohio Expected to Rise Slightly

For sale sign
WKSU
Northeast Ohio's housing inventory is expected to increase slightly despite the normal seasonal slowdown that comes with cold weather.

Home construction in Northeast Ohio typically dips as cold weather approaches.

But in today’s white-hot housing market, inventory is expected to rise slightly this year in spite of the normal seasonal slowdown.

Mike Ferrante is an associate broker with Century 21 Homestar in Akron and says builders are snapping up parcels and rushing to fill demand.

Ferrante on new construction

“They’re building because there’s such a shortage," he said. "And they’re realizing that even though materials cost and labor costs are up, it’s still very profitable for them to build new construction because the prices are rising.”

Low mortgage rates are contributing to the high demand for homes.

Ferrante says with record low inventory available, new home construction is the only way to fill the shortage.