Northeast Ohio
Real Estate
July 1. 2022
Happy Friday!
Hope you are doing well and had a great week!

Thank you for checking out this email. If you have any questions, please don't hesitate to reach out.

Enjoy your Fourth of July!
Home Growth Sales Begin to Slow

Is the U.S. housing market finally slowing down? The latest report gives inconclusive answers.
The S&P CoreLogic Case-Shiller Index posted a 20.4 percent annual gain in April, a slight drop from the 20.6 percent gain posted in March and the first time since November that annual price growth decelerated.

The evidence of slowing price growth is far from clear, though. The 10-city composite, which measures the country’s 10 largest metro areas, increased 19.7 percent in April, up from 19.5 percent in March. And from a historical standpoint, a 20.4 percent annual gain in home prices remains astronomically high.

Still, the relative flatness of each index shows a slowdown may finally be coming as buyers cope with low inventory and rising mortgage rates on top of record-high home prices.

Greater Cleveland has seen a slowdown as well, as the change in interest rates has done it's job to slow the market. There are still many transactions going through, and I'd love to chat about the market.

Rapid Rise in Mortgage Rates Stalls
The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, rates remain well above where they were a year ago, when they averaged below 3%. Higher rates have been sending shock waves through the housing market, potentially adding hundreds of dollars to monthly mortgage payments and spooking interested home buyers.

Since the beginning of the year, home buying has cost about $800 more every month. The higher mortgage rates have hurt affordability, and fewer middle-income home buyers can now afford to buy homes.

Rates are still historically low, and it's a great time to buy. Please reach out if you have any questions. I work with many excellent lenders with unique solutions to meet all situations.
Listing of the Week
4354 S Parkside Drive 
Brooklyn, OH 44144


Proud to present my newest listing hitting the market this weekend. Wonderful Cape Cod in a quiet and desirable neighborhood in Brooklyn. An elongated lot (over 225 feet) adjacent to Brooklyn Memorial Park is a peaceful refuge. Ample outdoor space with mature landscaping is perfect for relaxation, gardening, recreation, and more.

I'm hosting open houses Saturday and Sunday from 12-2PM. Come check it out!

Cheers!

Click here for the ---> Listing Link
Pat Barmann
216.990.5719