August Home Sales Remain Strong
Average Price Sets Record for 26th Consecutive Month
August 2018 home sales continued the momentum even though they were down slightly from last year’s levels, down – 1.14 % compared to August a year ago. Home sales this month were 2,593 compared to 2,623 in August 2017.
“Home sales remain strong, despite being down slightly from last year,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “This continues to be one of the best years in real estate. Sales remain robust, the average price of property has increased and interest rates remain low,” said Morrical.
The July average home price climbed to $218,566 compared to $210,471 a year earlier, a + 3.85 % increase. At the same time, the inventory of homes for sale, as of August 31, continued its year-over-year declining trend, but at a slower rate, from 5,647 a year ago to 5,423 in August 2018, down – 3.97 %. However, August inventory was up +3.15% over July 2018.
“Our inventory of homes continues to turn over quickly and we are less than 4% down compared to last year. Homes priced right and in move-in condition are selling quickly,” said Morrical. “Use a Realtor to assist you in selling your home or buying your next home. Realtors have access to the MLS, a powerful tool used by Realtors to assist you in listing and / or selling your home for the best, possible price,” said Morrical.
Local home mortgage rates in August averaged 4.54% for a 30-year fixed rate loan. The rates were up compared to 3.95% 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 $509.
“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, August home sales were the same as July on a seasonally adjusted basis, and were down – 1.5% from August 2017.