Star One Realtors - one goal. one passion.

July Home Sales Show Strength

July Home Sales Show Strength
Average Price Sets Record for 25th Consecutive Month
July 2018 home sales flexed its muscle, exceeding last year’s levels, up + 4.13 % compared to July a year ago. Home sales this month were 2,545 compared to 2,444 in July 2017.

“July 2018 recorded the third highest July home sales since 2005, the highest recorded in July 2015,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Home sales remain very strong as a result of the strong economy and the steady, lower interest rates. The demand for housing has not subsided, but buyers appear to be more and more selective in what they are looking for,” said Morrical.

subsided, but buyers appear to be more and more selective in what they are looking for,” said Morrical.
The July average home price climbed to $224,481 compared to $209,130 a year earlier, a + 7.34 % increase. At the same time, the inventory of homes for sale, as of July 31, continued its year-over-year declining trend to 5,257 from 5,662 a year ago, down – 7.15 %, however, July was up +5.43% over June 2018.
“Homes in greater Cincinnati are very affordable despite the fact we are dealing with low inventory and increasing home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical. “Use a Realtor to assist you in selling your current home or buying your next home. Realtors have access to the MLS of Greater Cincinnati, the most powerful tool used by Realtors to assist you in listing and / or selling your home quickly, efficiently and for the best, possible price,” said Morrical

Local home mortgage rates in July averaged 4.54% for a 30-year fixed rate loan. The rates were up
compared to 3.95% 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 $509.
“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, July home sales were down – 0.7% from June on a seasonally adjusted basis, and were
down – 1.5% from July 2017.

May Home Sales Strong

May Home Sales Strong, but Short Average Price Sets Record for 23rd Consecutive Month

May 2018 home sales were strong, but fell short of last year’s levels, down – 4.32 % compared to May a year ago. Home sales this month were 2,594 compared to 2,711 in May 2017.

“May 2018 recorded the third most May home sales since 2005, the highest in May 2017,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Besides the strong economy, the demand for purchasing a home is very high even though interest rates are slowly rising,” said Morrical.

The May average home price climbed to $219,293 compared to $199,770 a year earlier, a + 9.77 % increase.  At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 4,536 from 5,087 a year ago, down – 10.83 %.

“Cincinnati continues to be a very strong and vibrant market.  Our homes are very affordable even though we are dealing with low inventory and increasing home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical.  “A few tips for this market: 1) be prepared to move quickly; 2) make your best offer; 3) it is beneficial to come with a pre-approved loan; and 4) ask your Realtor about what price range of property is not selling as quickly. You may find your dream home by expanding your required features,” said Morrical.

Local home mortgage rates in May averaged 4.58% for a 30-year fixed rate loan.  The rates were up compared to 4.09% 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 $511.

“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!

Home Sales May 2018 sent to media 06 20 2018 Page 2 1024x627 - May Home Sales Strong

April Home Sales Rebound, Average Price Sets Record for 22nd Consecutive Month

April Home Sales Rebound 
Average Price Sets Record for 22ndConsecutive Month

April 2018 home sales rebounded, exceeding last year’s levels, up + 4.00 % compared to April a year ago.  Home sales this month were 2,210 compared to 2,125 in April 2017.

“With April’s rebound, 2018 home sales have caught up and are on course to exceed 2017’s sales,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “The strong economy and the pent up demand for new homes and first-time home buyers makes this a very active and challenging market for home sales,” said Morrical.

The April average home price climbed to $214,972 compared to $205,089 a year earlier, a + 4.82 % increase.  At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,275 from 4,885 a year ago, down – 12.49 %.

“Cincinnati is a very strong and vibrant market.  Our homes are very affordable even though we are dealing with low inventory and an increase in home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical.  “Also, did you know that Greater Cincinnati has received recognition as a “great place to go in 2018; one of the best in the US to live and work; one of the fastest growing economies in the Midwest; and one of the best cities for new college grads?  Cincinnati is truly home,” said Morrical.

Local home mortgage rates in April averaged 4.58% for a 30-year fixed rate loan.  The rates were up compared to 4.09% 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 $511.

“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 STAR ONE REALTOR today!

March Home Sales take a Breather

Average Price Sets Record for 21st Consecutive Month

March 2018 home sales took a little breather compared to last year’s levels, down – 4.88 % compared to March a year ago.  Home sales this month were 2,085 compared to 2,192 in March 2017.

“Even though March sales are down slightly from last year, last month recorded the second highest number of March sales in 12 years” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “Home sales in 2017 was very good. We anticipate that 2018 will be just as strong,” said Morrical.

The March average home price climbed to $205,881 compared to $193,749 a year earlier, a + 6.26 % increase.  At the same time, the inventory of homes for sale, as of March 31, continued its year-over-year declining trend to 4,033 from 4,779 a year ago, down – 15.61%.

“Houses put on the market in certain price ranges are, for the most part, selling quickly; many in multiple offers.  Even though interest rates have increased a little, as long as the economy remains strong, we foresee home sales to remain brisk and home prices to remain at their current levels.  Cincinnati’s housing market is very affordable; we have strong job growth, and low vacancy rates.  These are great indictors of Cincinnati’s continued growth and market strength,” said Morrical.

Local home mortgage rates in March averaged 4.44% for a 30-year fixed rate loan.  The rates were up compared to 4.21% 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 $503.

“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, March home sales were up + 1.1 % from February on a seasonally adjusted basis, but were down – 1.2 % from March 2017.

February Home Sales Come to Life Average Price Sets Record for 20th Consecutive Mont

February 2018 home sales came on strong compared to last year’s levels, up + 3.87 % compared to February a year ago. Home sales this month were 1,478 compared to 1,423 in February 2017.

“Even with interest rates on the rise and low inventory, February home sales showed strength and endurance,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “We anticipate that home sales will maintain an upward momentum in 2018 due to the strong economy,” said Morrical.

The February average home price climbed to $187,947 compared to $180,860 a year earlier, a + 3.92 % increase. At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,027 from 4,815 a year ago, down – 16.37 %.

“When you mix higher mortgage rates, new tax laws that may impact the value of higher priced homes, possible higher aluminum and steel prices and the lack of skilled labor, it’s really difficult to say when the inventory levels may level out. As long as the economy remains strong, we foresee home sales to remain brisk and home prices to remain at their current levels. With strong affordability, strong job growth, and low vacancy rates, these are great indicators of Cincinnati’s continued growth and market strength,” said Morrical.

Local home mortgage rates in February averaged 4.57% for a 30-year fixed rate loan. The rates were down compared to 3.99% 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 $511.

“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, February home sales were up + 3.0 % from January on a seasonally adjusted basis, and were up + 1.1 % from February 2017.

January Home Sales take a Breather

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.

Home Sales Slip, but Remain Strong

Average Price Sets Record for 16th Consecutive Month

October home sales remain strong, but couldn’t reach last year’s levels, down – 6.73 % compared to October a year ago.  Home sales this month were 2,052 compared to 2,200 in October 2016.  “The average price of homes set another new record for the month of October, extending our consecutive record months to sixteen,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year,” said Welch.

The average home price climbed to $199,616 compared to $194,086 a year earlier, a + 2.85 % increase.
At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining
trend to 5,491 from 6,244 a year ago, down – 12.06 %.

“Inventory is low; interest rates remain low; the average price of property, in general, continues to rise and the economy appears to be strong.  We are in “the perfect storm.” Property that is in “move-in” ready condition in a desired location is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. If you are thinking about selling your home, list it with a Realtor today,” said Welch.

Local home mortgage rates in October averaged 3.94% for a 30-year fixed rate loan. The rates were up
compared to 3.51% 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 $474.

 

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, October home sales were up + 2.0 % from September on a seasonally adjusted basis, but  were down – 0.9 % from October 2016.

April Home Sales Strong, but takes a Break

April Home Sales Strong, but takes a Break
Average Price for April sets another record

April home sales were strong, but could not maintain a record setting pace, down – 10.29 % compared to April a year ago. Home sales this month were 2,119 compared to 2,362 in April 2016.

“Even though inventory remains low, 2017 home sales remain strong,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “The real estate market is not showing any signs of slowing down and will probably continue at this pace for some time,” said Welch.

The average home price climbed to $204,254 compared to $186,436 a year earlier, a + 9.56 % increase. At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,885 from 6,436 a year ago, down – 24.10 %.

“The average price of homes set a new record for the month of April, extending our consecutive record months of average home sale prices to eleven. Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in April averaged 4.19% for a 30-year fixed rate loan. The rates were up compared to 3.60% 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 $488.

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, April home sales were down – 2.3 % from March on a seasonally adjusted basis and were up + 1.6 % from April 2016.

Home Sales Average Price Sets Record

Strong sales fall short of a year ago.

February home sales were strong, but came up short, down – 3.76 % compared to February a year ago.  Feb. 2016 had 29 days of recorded sales vs 28 days in Feb. 2017. Home sales this month were 1,407 compared to 1,462 in February 2016.

“2017 home sales continue to be strong.  One day of recorded sales can make a big difference in the numbers we report,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “February 2017 home sales were strong and the real estate market is not showing any signs of slowing down,” said Welch.

The average home price climbed to $180,372 compared to $160,839 a year earlier, a +12.14 % increase.  At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,815 from 6,520 a year ago, down – 26.15 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to nine.  Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in February averaged 3.99% for a 30-year fixed rate loan.  The rates were up slightly compared to 3.82% 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 $477.

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, February home sales were down – 3.7 % from January on a seasonally adjusted basis, but were up + 5.4 % from February 2016.

30-Year Fixed Rate Mortgage (local)

Feb 2017   (average)         3.99%

Feb 2016   (average)         3.82%

Most recent (Mar. 22,  2017)    4.12%

A year ago  (Mar.22, 2016)         3.83%

 

January Posts Record Home Sales

Strong Market Continues Momentum into 2017

January home sales continued last year’s momentum, up 4.33 % compared to January a year ago, setting a new record high for January. Home sales this month were 1,447 compared to 1,387 in January 2016.

“2017 home sales continued the positive momentum where 2016 left off,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “January 2017 posted the highest number of home sales compared to any January historically, exceeding the record set in January 2016,” said Welch.

The average home price climbed to $180,681 compared to $166,130 a year earlier, a +8.76 % increase.  At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,867 from 6,647 a year ago, down – 26.78 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to eight.  Low inventory along with low interest rates and consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in January averaged 4.07% for a 30-year fixed rate loan.  The rates were up slightly compared to 3.80% 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 $481.

“Consumers should to contact a REALTOR to help guide them through all the important details involved in buying and selling a home. A REALTOR will assist you through the entire process, and is your absolute best source for professional and accurate information,” said Welch.

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

Nationwide, January home sales were up + 3.3 % from December on a seasonally adjusted basis, and was up + 3.8 % from January 2016.

one goal. one passion.