Cleveland-area home sales perked up in October after their September slowdown, posting a modest gain even as interest rates edged higher.
Sales of new and previously owned houses and condominiums were up 1.6% from October of last year, according to listing-service data spanning 18 counties. In Cuyahoga County, October sales rose 3.6%. Summit County sales dipped by 2.4%, the Yes MLS listing service reported this week.
Across the nation, the home-buying bonanza appears to be easing after a long run of listing shortages and sharp price increases. The chief economist for the National Association of Realtors now predicts that existing home sales will end the year down 1.6%, when compared with their 2017 levels.
In Northeast Ohio, yearly home sales are essentially flat, up only 0.3% from their 2017 performance based on 10 months worth of data.
Prices generally are higher, though they were off slightly in Cuyahoga County last month. The listing service reported that the regional average sale price for a house was $169,395 in October, down a touch from September but up 4.1% from a year before. The average sale price for a condo was $149,054, a 5.6% rise from October 2017.
Cuyahoga County's average sale price was $168,214, down 2.3% from the same month of 2017. In Summit County, the average sale price rose to $169,744, up 8.3% from a year before.
