Home prices up, number of sales down in Cuyahoga County

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Home sale prices in Cuyahoga County, Ohio, continued their usual spring rise through May, though the number of sales were down amid the coronavirus crisis.

The median price for a single-family home was $147,000 in May, marking the fourth consecutive monthly increase since dipping to $105,000 in January, cleveland.com research found.

A year ago, the median price was $125,710 in May.

Yet the number of sales fell off by about a third last month over May 2019.

The analysis of county property transfer records includes single-family homes only, excluding both condos and duplexes, as well as sheriff's deed transactions and the handful of sales under $1,000.

There were 1,311 home sales meeting this criteria last month, in comparison to 1,988 in May a year ago.

Last month marked the sharpest drop-off in the the closing of home deals during the coronavirus crisis, though closings often take a month or more to take place after deals are reached. There were 1,352 such sales in April, down from 1,631 in April 2019, and 1,364 in March, down from 1,446 in March 2019.

The median sales price in the suburbs last month was $167,000, up from $157,500 in May 2020.

In Cleveland, the median was $51,750, up from $47,500 during the same month a year ago.

Tribune Content Agency