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Average Price Sets Record for 19th Consecutive Month

January 2018 home sales took a breather compared to last year’s levels, down – 8.12 % compared to January a year ago.  Home sales this month were 1,335 compared to 1,454 in January 2017.

“January 2018 home sales may not have been as strong as a record January in 2017, but it still reflected a strong economy,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “Home sales remain strong and, from all indications, will maintain its momentum through 2018,” said Morrical.

The January average home price climbed to $193,400 compared to $180,987 a year earlier, a + 6.86 % increase.  At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,185 from 4,867 a year ago, down – 14.01 %.

“Despite low inventory and moderately increasing interest rates, a recent 2018 Housing Study by Trulia identified Cincinnati in the top 10 of 100 largest housing markets poised for growth.  High starter-home affordability, strong job growth, low vacancy rates, and a large share of adult population under the age of 35 are great indictors of Cincinnati’s continued growth and market strength,” said Morrical.

Local home mortgage rates in January averaged 4.22% for a 30-year fixed rate loan.  The rates were down compared to 4.07% a year ago.  At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $490.

“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Morrical.

Call a real estate professional !!  Call a REALTOR today!

Nationwide, January home sales were down – 3.2 % from December on a seasonally adjusted basis, and were down – 4.8 % from January 2017.

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