Where Home Prices Surged in August
September 29, 2014
Several markets that saw accelerating home prices in August reached new home price peaks, according to a new housing report by RealtyTrac.
Ohio markets in particular stood out. For example, Cincinnati saw a 22 percent annual appreciation in August compared to a 4 percent depreciation a year ago. Cleveland posted a 23 percent annual appreciation in August compared to a 1 percent last year, RealtyTrac reports.
Field Opens for Buyers
With investors pulling back, conventional home buyers are finding their way back into the market.
“The Ohio markets continue to experience an increase in overall pricing, but a noticeable decline in total units sold,” says Michael Mahon, executive vice president/broker at HER REALTORS®, covering the Cincinnati, Columbus, and Dayton markets in Ohio. “The declining year-over-year sales unit numbers can be attributed to the lack of available inventory, particularly within the first-time home buyer price range. As cash sales continue to decline within the Ohio markets, the available inventory is continuing to experience improvement, which shows further stability and growth of the Ohio housing stock.”
Here’s a look at the major markets posting some of the largest home price appreciation in August compared to a year ago, according to RealtyTrac.
- Cincinnati: 22% annual appreciation in August; 4 percent depreciation a year ago
- Cleveland: 23% annual appreciation in August; 1 percent depreciation a year ago
- Miami: 20% annual appreciation in August; 15 percent depreciation a year ago
- Pittsburgh: 7% annual appreciation in August; 3 percent depreciation a year ago
- Seattle: 8% annual appreciation in August; 7 percent depreciation a year ago.
Of the 197 major markets tracked, 22 cities—or 11 percent—reached new median home price peaks in August, notably Pittsburgh, Cincinnati, Columbus, Charlotte, and Austin, Texas, according to the RealtyTrac report.
Overall, RealtyTrac’s report showed that the median price of residential properties nationwide sold in August—including both distressed and non-distressed sales—was $195,000, up 3 percent from the previous month and up 15 percent from a year ago. It is now at the highest level since August 2008.
Updated: July 13, 2018