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Posted: 2:27 p.m. Thursday, Jan. 10, 2013

Report: Area home prices to rise 3-4 percent this year

By Staff

Average home prices in Southwest Ohio are expected to rise 3 to 4 percent this year, a bit lower than they did during the area housing market’s strong recovery in 2012, according to a national housing market data firm.

Among Ohio metro housing markets, the Dayton market will see the largest gain of 4.2 percent, according to Clear Capital, which provides real estate data and information to large financial service companies. The Cincinnati-Middletown metro area will likely see a 3.2 percent gain in average home prices, the firm said. Figures for the Springfield area were not available.

“Generally, we expect markets with the strongest recoveries underway to experience moderate growth in 2013, as rising prices bring many markets into alignment with long-run historical norms,” Clear Capital said in its report issued earlier this week. “Slower growth in markets with robust recoveries underway can be seen as a more mature stage of recover, rather than a weakness.”

Home sales and average prices in Southwest Ohio rebounded strongly last year from the steep drops witnessed after the collapse of the housing bubble and the recession.

Through the first 11 months of 2012, home sales in Ohio rose 14 percent from the same period in 2011, while the average sales price climbed 5.1 percent to $135,460, according to the Ohio Association of Realtors.

In the Dayton metro area, home sales through the first 11 months of 2012 rose 11.8 percent from the same period in 2011, while the average price climbed 5.9 percent to $122,951.

In the Cincinnati-Middletown market, home sales rose 13.2 percent, while the average price climbed 3 percent to $156,449, the association said.

The housing market that includes Springfield saw homes sales rise nearly 15 percent during the first 11 months of 2012 from the first 11 months of 2011. The average sale price rose 4.8 percent to $107,659, association figures show.

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