The Cleveland market in October can be summed up in one line. Rents have decreased slightly from September, and the prices landlords are asking have also gone down. However, the rate at which listings are increasing is much faster than the price movements.

Let's start with the rents. According to the Apartment List November report, the median rent in Cleveland is $1,018, which is a 1.0% drop over the month of October.

During the same period, the national decline was 0.3%. It's not unusual for rents to weaken as the cold winds blow, but it's noteworthy that Cleveland's drop is more than three times the national average.

By bedroom type, a one-bedroom is $831, and a two-bedroom is $1,036.

Compared to a year ago, this is a 0.7% decrease. The average change in Ohio during the same period was 1.0%, while the national average was 0.1%, indicating a lag behind the state average.

From January to October this year, the cumulative change is still a 0.7% increase. It appears that some of the gains made earlier this year are being reversed in the fall.

The absolute amounts are still relatively low. They are 26.4% cheaper than the national median rent, similar to Wichita's $1,025, and higher than Toledo's $895 in Ohio.

One important point to note is that the rent figures can vary significantly depending on which site you look at.

Zumper reports the overall median rent for the city in October as $1,200. RentCafe presents the average rent as $1,580 as of October 30.

The trends are also conflicting. RentCafe states that rents have increased by 2.91% compared to a year ago, while Zumper claims that two-bedrooms have decreased by 4% compared to last year.

The month-over-month changes are similar. Zumper shows that one-bedrooms have increased by 1%, while two-bedrooms remain unchanged.

We should consider that the criteria for listings and calculation methods differ. Therefore, I do not accept the numbers from just one source as the market price. I prefer to look at a range from three sources and compare a few actual listings in the same neighborhood.

Now, regarding home prices. I cannot access the October transaction statistics, so let's look at the listing prices first.

According to data from Realtor.com checked via FRED, the median listing price in Cuyahoga County for October is $220,860, down $1,590 from September's $222,450, which is a 0.7% decrease.

Compared to $225,000 a year ago, this is a 1.8% decrease. However, since this figure includes both urban and suburban areas, the listing price is not the same as the actual transaction price.

What about the transaction-based index? The latest Case-Shiller Cleveland metropolitan index (seasonally adjusted) for August is 209.29, which is up 0.43% from July and up 4.30% from a year ago.

As I write this, the indices for September and October have not yet been released. While it seems that listing prices are falling and indices are rising, we should not directly compare them as the timing and geographic scope, as well as the criteria for aggregation, differ.

The number I pay the most attention to is the listings. Active listings in Cuyahoga County increased from 2,763 in September to 2,984 in October, an 8.0% rise.

Compared to a year ago, this is 23.5% more. This is a larger increase than expected.

On the other hand, new listings decreased from 1,508 to 1,444. If the total number of listings has increased while new listings have decreased, it indicates that existing listings are not selling.

The median time listings stay on the market was 46 days in September and 47 days in October, showing little change. This is slightly longer than the 44 days from a year ago.

The number of listings with price reductions increased from 1,272 to 1,328. However, the proportion compared to active listings is 44.5%, which is lower than 46.7% a year ago. We are not at a stage where we can call it a market where everyone is rushing to lower prices.

We should also consider interest rates. The average 30-year fixed rate from Freddie Mac rose from 6.71% on September 3 to 7.40% on October 8 and 15, and then to 7.18% on November 5.

If we assume borrowing $180,000 with a 30-year fixed mortgage, the monthly payment would be $1,163 at 6.71% and $1,219 at 7.18%. Even excluding taxes and insurance, there is a $56 difference in monthly payments over the two months.

If you are considering buying, here is the order of checks: Look at the price change history of the listing. Check recent sales in the same neighborhood.

Next, get estimates for property taxes and insurance. Compare mortgage rates from various sources.

If you are a tenant, check the current advertised rents for the same building or nearby before renewing your lease. Also, check whether utilities are included. Review the escalation clauses in the lease again.

If you are looking at investment, it is better to conservatively estimate returns. Some places are reporting rents lower than a year ago, and interest rates are still in the 7% range.

I see the current market as a time when there is a bit more room for negotiation for both buyers and tenants. However, a 0.7% drop in listing prices should not be interpreted as a crash.

The next numbers to watch are twofold: whether the September Case-Shiller index continues the upward trend from August, and whether the increase in listings continues into November.