April home sales rise in Ohio, prices post 5.3 percent annual gain

Great news for Cleveland metro showing excellent steady growth. With all the new construction being built there really is no end in sight. With interest rates still low and people getting jobs they are buying homes and renting. This report comes from http://realestate.cleveland.com/ by Michelle Jarboe.

"The Ohio Association of Realtors said Thursday that April sales hit their best-ever pace and shattered a high set two years ago, based on seasonally adjusted annual figures. The monthly sales rate was up 3.3 percent from April 2017 and marked a 1.8 percent gain from March of this year."

That is great news for the economy and money flowing in real estate. There are still a lot of cash buyers and big down payment buyers that are going to keep real estate mortgage companies in the black. Today's mortgages are a lot different than they where years ago. That will keep a lot of mortgages from defaulting, that means less chance of any crash.

"Yet the trade group's members say that the early spring housing market has felt a bit more lackluster this year, when compared with 2017 and 2016. In response to a recent survey, Realtors largely described the housing market as strong. But only 34 percent of survey participants reported a busier-than-average early spring."

That is because of lack of inventory, I could buy a lot more homes if they where available. Not building many new median priced homes in 2008-2016 really effected the real estate inventory. I was talking to a client yesterday that is keeping his home because of the cost of relocating. That is also another reason for low inventory and less listings. 

""The root cause of the under-performing sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home," Lawrence Yun, chief economist for the national Realtors, said in a news release. "Realtors say the healthy economy and job market are keeping buyers in the market for now, even as they face rising mortgage rates. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.""

Want to sell your home and relocate? This is a great time to sell your home and downsize if you are a empty-nester. I can take care of both transactions and get your home sold for top dollar. Call me I'm Brett 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona  

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