The S&P/Case-Shiller Index has become the gold standard to predict trends in the real estate market in the United States.
The Case-Shiller Index measures changes in home prices by tracking same-home sales throughout 20 housing markets nationwide and the change in sales price from sale-to-sale. Detached, single-family residences are used in the Case-Shiller Index methodology and data is gathered on closed home sales. Unfortunately, the map reflects, the Greater Cincinnati market is not included in the 20 city index…and I could argue that our area is probably more representative of what’s happening in mainstream America because we never experienced wild appreciation during the real estate boom but were heavily targeted by many of the more creative mortgage providers.
Looking at data for median sales prices in areas withing the greater Cincinnati area real estate market where more than 100 homes were sold -the local recovery is slow for most communities.
The median sale prices in Hyde Park and Madeira were higher at year end of 2012 than at the height of the market in 2006. Our local economy is stable and while creative lending practices fueled numerous foreclosures in the area- we are better off than many areas throughout the state of Ohio.
The S&P/Case Shiller Index really needs to include a few normal/average cities like Cincinnati on their index-but until they do and you need to know about median sold prices for your neighborhood -Click here to to Call: 513-300-4090 or by email.