Confidence in Ohio’s housing market continues to build
On January 5, 2016
By Carl Horst, OAR Director of Publications/Media Relations
As we begin a new year, confidence in the Ohio housing market’s current and long-term outlook within the state’s real estate profession has reached a four-year peak.
The Ohio REALTOR Confidence Index — a measurement tool launched in mid-2011 to track the profession’s sentiment of the state’s housing market — offers an honest, candid assessment of how the profession views the marketplace. Our year-end 2015 findings are noteworthy:
|Current Housing Market||46||59||57||65|
|Housing Market (Next 6 Months)||50||62||61||66|
|Home Prices (Next 12 Months)||59||72||72||74|
It’s tremendous news that we’ve recorded year-end highs in each category. It means that optimism about the Ohio housing marketplace is growing — undoubtedly due in part to the solid economic news the sector has been reporting over the past year. Across the Buckeye State, home sales activity (through November) has reached 15 consecutive months of year-over-year gains…homes put under contract have posted 19 straight months of increases compared to a year ago…and the average sales price continues to climb upward at a modest pace. Good stuff.
Since its launch in June 2011 the Ohio Confidence Index has proven to be a reliable barometer of the state’s housing sector. In fact our initial findings were rather somber — with REALTORS giving the “current” market an Index score of 28 (out of a possible 100). The Index for the six-month “look forward” was only 32. In the months and years since, REALTOR community’s Index has given voice to the discussions buyers and sellers are having at their kitchen table as mull over the pros and cons of making what is often the largest financial acquisition made in a lifetime.
Our year-end 2015 findings offer an honest, realistic appreciation of the positive direction Ohio’s housing market has headed…grounded in an understanding that rising interest rates and a continued shortfall of homes being marketed for sale pose just some of the challenges that could surface down the road. Most importantly, however, the year-end results depict a sector that is continuing to make steady, sustainable progress and that the American Dream of home ownership remains vibrant in the Buckeye State.