February Home Sales Up 3% over Last Year
Greater Cincinnati home sales this month were up + 3.1 %, compared to a year ago. February home sales were 1,440 compared to 1,397 in February 2015. Home sales, so far in 2016, are up 6.7% over the first two months of 2015; well on their way towards possibly surpassing last year. “Coming off a very impressive 2015, the first two months of 2016 show signs of great things to come,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “With interest rates still low and
our local housing market remaining very affordable, this is a great market for both buyers and sellers,” said Stehlin.
The February average home price climbed to $161,686 compared to $159,468 a year earlier, a + 1.4%
increase. At the same time, the inventory of homes for sale, as of February 29, continued its year-over-year declining trend to 6,520 from 7,684 a year ago, down – 15.2%. “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 February averaged 3.82% for a 30-year fixed rate loan. The rates were
slightly higher at 3.90% 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 $467.
“Our homes remain a great value for consumers looking for that dream home or for those looking to
purchase their first home. 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,” 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, February home sales were down – 7.1% from January on a seasonally adjusted basis, and were up + 2.2 % from February 2015.