May 2018 - Star One Realtors

April Home Sales Rebound, Average Price Sets Record for 22nd Consecutive Month

April Home Sales Rebound 
Average Price Sets Record for 22ndConsecutive Month

April 2018 home sales rebounded, exceeding last year’s levels, up + 4.00 % compared to April a year ago.  Home sales this month were 2,210 compared to 2,125 in April 2017.

“With April’s rebound, 2018 home sales have caught up and are on course to exceed 2017’s sales,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “The strong economy and the pent up demand for new homes and first-time home buyers makes this a very active and challenging market for home sales,” said Morrical.

The April average home price climbed to $214,972 compared to $205,089 a year earlier, a + 4.82 % increase.  At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,275 from 4,885 a year ago, down – 12.49 %.

“Cincinnati is a very strong and vibrant market.  Our homes are very affordable even though we are dealing with low inventory and an increase in home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical.  “Also, did you know that Greater Cincinnati has received recognition as a “great place to go in 2018; one of the best in the US to live and work; one of the fastest growing economies in the Midwest; and one of the best cities for new college grads?  Cincinnati is truly home,” said Morrical.

Local home mortgage rates in April averaged 4.58% for a 30-year fixed rate loan.  The rates were up compared to 4.09% 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.

Call a real estate professional !!  Call a STAR ONE REALTOR today!

March Home Sales take a Breather

Average Price Sets Record for 21st Consecutive Month

March 2018 home sales took a little breather compared to last year’s levels, down – 4.88 % compared to March a year ago.  Home sales this month were 2,085 compared to 2,192 in March 2017.

“Even though March sales are down slightly from last year, last month recorded the second highest number of March sales in 12 years” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “Home sales in 2017 was very good. We anticipate that 2018 will be just as strong,” said Morrical.

The March average home price climbed to $205,881 compared to $193,749 a year earlier, a + 6.26 % increase.  At the same time, the inventory of homes for sale, as of March 31, continued its year-over-year declining trend to 4,033 from 4,779 a year ago, down – 15.61%.

“Houses put on the market in certain price ranges are, for the most part, selling quickly; many in multiple offers.  Even though interest rates have increased a little, as long as the economy remains strong, we foresee home sales to remain brisk and home prices to remain at their current levels.  Cincinnati’s housing market is very affordable; we have strong job growth, and low vacancy rates.  These are great indictors of Cincinnati’s continued growth and market strength,” said Morrical.

Local home mortgage rates in March averaged 4.44% for a 30-year fixed rate loan.  The rates were up compared to 4.21% 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 $503.

“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.

Call a real estate professional !!  Call a REALTOR today!

Nationwide, March home sales were up + 1.1 % from February on a seasonally adjusted basis, but were down – 1.2 % from March 2017.

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