Today, the National Association of Realtor (NAR) reported that the median price of homes in metro Cincinnati are up from year-over-year first quarters. That said, prices have dropped from 2009’s fourth quarter. In the first quarter of 2010, the price of a home in the Cincinnati-Middletown area was $121,900. Compare that to 2009’s first quarter, when houses were $106,500. That’s a 14.5% difference. In the last quarter of 2009, the median home price was $125,000.
The median home price for the entire country is $166,100, which is down 1% from 2009’s first quarter. The NAR looked at 151 metro areas across the country. 91 of these saw higher prices in the first quarter of this year compared to that of 2009 and 29 even saw a double digit percentage increase.
Even so, NAR’s chief economist said this is a positive sign for the economy. “This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report. The tax credit has been very effective in drawing down excess inventory, with about 1 million additional sales resulting directly from the stimulus,” Yun said in a press release.
The state of Ohio as a whole saw prices rise from 2009’s first quarter. In Akron, the median price of a home jumped an astonishing 90%, while the Cleveland-Elyria-Mentor area saw an increase of about 54%. Dayton saw a 23% increase from 2009, while Toledo saw a 13% jump. Even Columbus, whose housing market wasn’t as bad off as other cities in the state, saw a 6% increase.