CLEVELAND, OH – The rise in home prices in early 2021 showed no signs of slowing in most of the country.
According to the CoreLogic Case-Shiller Index, one of the leading trackers in the housing market, prices rose 1.58 percent from February to March in the Cleveland-Elyria OH Metropolitan Statistical Area. Prices have increased by 13.00 percent from March 2020.
Prices in the bottom third (less than $ 150,000) of the Cleveland-Elyria OH Metropolitan Statistical Area market – often referred to as starter homes – rose 19 percent year over year. The top third of the market (homes over $ 252,000) saw a 10 percent increase.
The number of homes in the market remains near historic lows, which has pushed prices higher. The strong demand for housing from millennials and the low interest rates have further tightened the market. The wood prices are also higher than normal, which has driven up the price of new buildings.
Nationwide, home prices rose 11.3 percent in March 2021 compared to March 2020, according to the CoreLogic House Price Index. Home prices rose 2 percent in March compared to February 2021.
Cuyahoga County is part of the Cleveland-Elyria OH Metropolitan Statistical Area, a term the US Census Bureau uses to denote areas with strong economic ties. Many MSAs contain more than one county.
Editor’s Note: This post was automatically generated using an analysis of Case-Shiller index data from CoreLogic Inc. by The Associated Press. Please report bugs or other feedback [email protected].
