Ohio Market Watch: Higher prices showing first hint of affecting consumer interest in buying
By Greg Stitz, Director of Research
Home sale prices in Ohio increased 5.7 percent from 2016 to 2017 and so far this year have increased about 6.0 percent over the same period last year. According to findings from a recent Ohio REALTORS housing confidence survey, 39 percent of respondents admit higher prices have not changed consumer interest in buying. Another 37 percent indicate an increase in consumer interest in buying in lieu of the higher prices and 24 percent have observed higher prices having a negative impact on buying. Admittedly, 24 percent is low but it reflects an increase of 6 percentage points from last year, when this question was last asked.
Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 Ohio REALTORS participants. Click here to participate in future Ohio REALTORS Housing Confidence Surveys.
