Michael Klacik's blog

Cleveland, Cincinnati Among Healthiest Major Housing Markets

Nationwide has just released its latest Leading Index of Healthy Housing Markets (LIHHM) report, which examines the near-term outlook for the housing markets of 400 metropolitan areas across the country.  The report analyzes employment, demographics, mortgage market, and house price data for each quarter in order to assign a score assessing the health of each market. Scores range from 75 to 125, with scores above 100 indicating more positive markets and scores below 100 indicating more negative markets. Of the three healthiest major areas specifically singled out by the report, two, Cincinnati and Cleveland, were located in Ohio, with the other being Chicago.

Important Numbers From NAR's Latest Housing Report

On Monday, the National Association of REALTORS released their newest housing report, which showed May's existing home sales reaching a nearly six-year high.

Here are some of the most important numbers to take away from the report:

5.35 million: Seasonally adjusted annual rate of existing home sales in May. This is 5.1% higher than in April and 9.2% higher than the same time last year.

2.29 million: Total housing inventory at the month's end, 3.2% higher than last month and 1.8% higher than last May. However, supply at current sales pace dropped from 5.2 months to 5.1 months.

Why Are Ohio Homeowners Not Selling?

In its fourth annual Ohio REALTOR Housing Confidence Survey, the Ohio Association of REALTORS asked 1,500 members why potential sellers are deciding not to put their homes on the market. Over these four years, from November of 2012 to May of 2015, there have been startling changes in the reasons for this decision.

In 2012, the most common reason for not selling was that homeowners were waiting to sell for a higher price, with 59% selecting this response. The next most common answer, concerns about the economy, came in a close second with 56%.