September Home Sales Climb 23%
Growth Continues in Cincinnati Housing Market
Cincinnati home sales (closings) maintained its upward growth in September 2013 compared to the same month a year ago. Home sales for September were up 23% at 1,964 compared to 1,596 from a year ago. This represents 27 consecutive months of increased sales. Sales in September 2013 compared to August 2013 were down -19.8%. Year-to-Date (Jan – Sept) home sales are up 23% compared to the same period a year ago.
The September average home selling price was $162,697 vs. $158,959 a year earlier, a 2.4% increase. The average price has increased year-over-year for 19 consecutive months. Year-to-Date (Jan –Sept) 2013, the average price of homes has increased 6.1% compared to the same period a year ago.
Local home mortgage rates in September averaged 4.28% for a 30-year fixed rate loan. Even though the rates are up slightly from 3.43% a year ago, they are still at a level that enhances home affordability and does not seem to be negatively influencing home sales.
The inventory of homes for sale as of September 30 continued its year-over-year declining trend to 10,527 from 11,558 a year ago, down 8.9%. September inventory decreased 0.4% compared to August 2013. This means that homes for sale, if priced competitively and are move-in ready, are in a position to sell faster. As of today, the inventory of homes for sale is at 10,491 listings. “Greater Cincinnati is a great place to live and the housing market is very active and strong,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors. “Recently, www.Livability.com listed Cincinnati as the only city in Ohio in the top 100 places to live nationwide. Our housing market ranked very well compared to other markets, as we continue to see interest rates remain low, home affordability high and our inventory constantly turning. So, if a consumer is looking to sell their home, there is no better time than now to list it with a REALTOR®,” said Kelly.
Nationwide, September home sales were down 1.9% from August on a seasonally adjusted basis and were up 10.7 % from September 2012. September home sales marked the 27th consecutive month where home sales – nationwide and statewide – also improved over a year ago.