Greater Cincinnati recorded one of its best January home sales ever, up + 9.6 %, compared to a year ago. January home sales were 1,367 compared to 1,247 in January 2015. The strength of January home sales is a continuation of 2015’s strong ending, which recorded the greatest annual home sales since 2006. “January home sales continued to be strong, coming off a very impressive 2015,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “This is a great market for both buyers and sellers, especially with interest rates still low and our local housing market remaining very affordable,” said Stehlin.
The January average home price climbed to $166,178 compared to $162,964 a year earlier, a + 2.0% increase. At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 6,647 from 7,812 a year ago, down – 14.9%.
“The average price of property continues to climb compared to prior years primarily due to the lower inventory of homes available for sale. The lower inventory creates a greater demand for quality housing in many areas. If priced right and the home is move-in ready, a higher purchase price may be required,” said Stehlin.
Local home mortgage rates in January averaged 3.80% for a 30-year fixed rate loan. The rates were the same at 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 $466.
“Now is the time to list your property if you are considering a move or wanting to move up. Demand for good, quality homes has never been higher. Our homes remain a great value for consumers looking for that dream home or for those looking to purchase their first home,” said Stehlin.
“Contact a REALTOR to help you understand 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 Stehlin.
Nationwide, January home sales were up + 0.4% from December on a seasonally adjusted basis, and were up + 11.0 % from January 2015.