The Midwest recorded approximately 68,000 home sales in the 11-state Midwest region last month. That not only represents an almost 10 percent increase over the same period last year, it is also better than the national average of 8 percent. The Midwest region did experience a 2 percent drop in median home price to $128,000, but that is in line with the 2 percent decline experienced nationally.
In February, Midwest sales improved more than the nation as a whole. Non-seasonally adjusted figures showed total February homes sales increased 8 percent over last year. The median home price nationally fell 2 percent to $165,100.
Chicago paced the region's cities in sales growth with a 33 percent increase over last year. Fargo was the only other city in the Midwest to experience sales growth, with Cleveland, Des Moines, Detroit, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, St. Louis, and Wichita all posting declines.
Omaha posted the biggest drop of 15 percent. But Shawn Maloy, president of the Omaha Area Board of Realtors, thinks the area's harsh winter explains most of that decline.
Prices have generally dropped enough throughout the region to begin to attract more first-time homeowners and investor-buyers, which suggests the bottom may be near. Median home prices have actually increased in Cleveland, up 40 percent from this time last year to $98,000, and in Detroit up 38 percent to $55,000.
Comments(1)