Cincinnati Housing Market Remains Steady …
October Sales Up 2% Compared to a Year Ago
Home sales in Greater Cincinnati remained steady, up + 2.2 %, compared to a year ago. Homes sold (closed) last month were 2,044 compared to 2,001 in October 2014.
“The Greater Cincinnati housing market remains steady,” said Joe Mock, President of the Cincinnati Area Board of REALTORS®. “Both interest rates and housing inventory continue to remain at all-time lows.Cincinnati is recognized for its affordable home values,” said Mock. As we enter the fall and winter months those combined factors of low mortgage rates and low inventory make it a great market for both buyers and sellers!”
“New lending restrictions and government regulations were implemented on October 3, 2015. You may witness an increase in the time it takes to close on a property, but don’t be alarmed. Contact a REALTOR to help you understand all the important details involved in buying and selling a home. A professional REALTOR will assist you through the entire process, and is your absolute best source for professional and accurate information,” said Mock.
Local home mortgage rates in October averaged 3.83% for a 30-year fixed rate loan. The rates were higher at 4.10% 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 $468.
“The average price of homes sold dipped slightly in October, compared to a year ago, for the third month in a row,” said Mock. Demand for good, quality homes is still high, and our homes remain a great value for consumers looking for that dream home. Compared to renting, purchasing is definitely the way to go,” Mock stated.
Nationwide, October home sales were down – 3.4% from September on a seasonally adjusted basis, but were up + 3.9% from October 2014.