December Sales Highest in 6 Years

The Cincinnati Area Board of Realtors reports that the Cincinnati home sales (closings) ended the year on a 5-year high. 2012 year-end home sales totaled 18,988 compared to 16,854 from a year ago; up over 12%.  Local home sales in December, the highest in 6 years, totaled 1,378 units compared to 1,308 a year ago; a 5.3% increase.  It represents 18 consecutive months of increased sales.

Last month’s average home selling price was $153,615 vs. $146,014 a year earlier, for a 5.2%
increase.  The average price has increased year-over-year for ten consecutive months.  For year-end 2012, the average sale price was up 3.2%; $156,201 compared to $151,428 for 2011.

Local home mortgage rates in December averaged 3.41% for a 30-year fixed rate loan.  That’s
down from 4.00% a year ago.  The difference represents a $456 yearly savings on a $100,000 home loan, which enhances home affordability. Inventory of homes for sale continued its declining trend to 9,376 from 10,837 a year ago, down 13.5%.  This means that homes for sale — newly added to the current inventory — if priced properly and in good condition, are in a position to sell faster.

Nationwide, December home sales were down 1.0% from November on a seasonally adjusted
basis, but were up 12.8 % from December 2011.  December home sales marked the 18th consecutive
month where home sales – nationwide and statewide – also improved over a year ago.