February 2018 home sales came on strong compared to last year’s levels, up + 3.87 % compared to February a year ago. Home sales this month were 1,478 compared to 1,423 in February 2017.
“Even with interest rates on the rise and low inventory, February home sales showed strength and endurance,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “We anticipate that home sales will maintain an upward momentum in 2018 due to the strong economy,” said Morrical.
The February average home price climbed to $187,947 compared to $180,860 a year earlier, a + 3.92 % increase. At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,027 from 4,815 a year ago, down – 16.37 %.
“When you mix higher mortgage rates, new tax laws that may impact the value of higher priced homes, possible higher aluminum and steel prices and the lack of skilled labor, it’s really difficult to say when the inventory levels may level out. As long as the economy remains strong, we foresee home sales to remain brisk and home prices to remain at their current levels. With strong affordability, strong job growth, and low vacancy rates, these are great indicators of Cincinnati’s continued growth and market strength,” said Morrical.
Local home mortgage rates in February averaged 4.57% for a 30-year fixed rate loan. The rates were down compared to 3.99% 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 $511.
“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Morrical.
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Nationwide, February home sales were up + 3.0 % from January on a seasonally adjusted basis, and were up + 1.1 % from February 2017.