Home sales this month were “hot, hot, hot” — 5% higher than a year ago. 2014 recorded

 the highest number of June closings since 2006. Homes sold (closed) last month were

 2,450 compared to 2,334 in June 2013.“Today, a house put on the market that is priced 

 properly and in move-in condition is likely to draw the attention of anxious consumers

 looking to purchase a home,” said Ken Parchman, President of the Cincinnati Area Board of REALTORS®.

The June average home selling price climbed to $189,958 vs. $189,386 a year earlier,

 a 0.3% increase. The average price has increased year-over-year for 28 consecutive months. At the same time, the inventory of homes for sale, as of June 30, continued its year-over-year declining trend to 9,896 from 10,637 a year ago, down -7.0% Local home mortgage rates in June averaged 4.17% for a 30-year fixed rate loan. The rates are down slightly from 4.34% a year ago. “The Greater Cincinnati housing market continues its strong, upward momentum. Lower inventory levels, along with decent buyer activity and relatively low interest rates will continue to push prices higher,” said Parchman.“We live and work in a stable market with affordable housing opportunities for not only first-time buyers, but those looking to upgrade or relocate.”“There is no better time than now to list your property with a REALTOR®,” said Parchman.

Nationwide, June home sales were up + 2.6% from May on a seasonally adjusted basis, 

but were down – 2.3% from June 2013. 

The May average home selling price climbed to $182,918 vs. $175,762 a year earlier, a 4.1% increase. The average price has increased year-over-year for 27 consecutive months. At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 9,622 from 10,386 a year ago, down -7.4% .

Local home mortgage rates in May averaged 4.13% for a 30-year fixed rate loan. Even though the rates are up slightly from 3.92% a year ago, they are still at a level that makes purchasing a home very affordable and does not appear to be negatively influencing home sales. 

 “Our market is maintaining its upward momentum as it continues its recovery. Lower inventory levels, along with decent buyer activity and relatively stable interest rates will continue to push prices higher,” said Parchman. 

 “Cincinnati was recently ranked 3rd by another website, www.nerdwallet.com, for being one of most affordable cities to buy a home compared to other large metro areas nationwide,” said Parchman. “We live and work in a stable market with affordable housing opportunities for not only first-time buyers, but those looking to relocate.”  “There is no better time than now to list your property with a REALTOR®,” said Parchman. Nationwide, May home sales were up + 4.9% from April on a reasonally adjusted basis, but were down – 5.0% from May 2013.