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Home Sales Slip, but Remain Strong

Average Price Sets Record for 16th Consecutive Month

October home sales remain strong, but couldn’t reach last year’s levels, down – 6.73 % compared to October a year ago.  Home sales this month were 2,052 compared to 2,200 in October 2016.  “The average price of homes set another new record for the month of October, extending our consecutive record months to sixteen,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year,” said Welch.

The average home price climbed to $199,616 compared to $194,086 a year earlier, a + 2.85 % increase.
At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining
trend to 5,491 from 6,244 a year ago, down – 12.06 %.

“Inventory is low; interest rates remain low; the average price of property, in general, continues to rise and the economy appears to be strong.  We are in “the perfect storm.” Property that is in “move-in” ready condition in a desired location is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. If you are thinking about selling your home, list it with a Realtor today,” said Welch.

Local home mortgage rates in October averaged 3.94% for a 30-year fixed rate loan. The rates were up
compared to 3.51% 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 $474.

 

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, October home sales were up + 2.0 % from September on a seasonally adjusted basis, but  were down – 0.9 % from October 2016.

April Home Sales Strong, but takes a Break

April Home Sales Strong, but takes a Break
Average Price for April sets another record

April home sales were strong, but could not maintain a record setting pace, down – 10.29 % compared to April a year ago. Home sales this month were 2,119 compared to 2,362 in April 2016.

“Even though inventory remains low, 2017 home sales remain strong,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “The real estate market is not showing any signs of slowing down and will probably continue at this pace for some time,” said Welch.

The average home price climbed to $204,254 compared to $186,436 a year earlier, a + 9.56 % increase. At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,885 from 6,436 a year ago, down – 24.10 %.

“The average price of homes set a new record for the month of April, extending our consecutive record months of average home sale prices to eleven. Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in April averaged 4.19% for a 30-year fixed rate loan. The rates were up compared to 3.60% 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 $488.

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, April home sales were down – 2.3 % from March on a seasonally adjusted basis and were up + 1.6 % from April 2016.

Home Sales Average Price Sets Record

Strong sales fall short of a year ago.

February home sales were strong, but came up short, down – 3.76 % compared to February a year ago.  Feb. 2016 had 29 days of recorded sales vs 28 days in Feb. 2017. Home sales this month were 1,407 compared to 1,462 in February 2016.

“2017 home sales continue to be strong.  One day of recorded sales can make a big difference in the numbers we report,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “February 2017 home sales were strong and the real estate market is not showing any signs of slowing down,” said Welch.

The average home price climbed to $180,372 compared to $160,839 a year earlier, a +12.14 % increase.  At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,815 from 6,520 a year ago, down – 26.15 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to nine.  Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in February averaged 3.99% for a 30-year fixed rate loan.  The rates were up slightly compared to 3.82% 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 $477.

“Consumers need to contact a REALTOR to help guide them 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 Welch.

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

Nationwide, February home sales were down – 3.7 % from January on a seasonally adjusted basis, but were up + 5.4 % from February 2016.

30-Year Fixed Rate Mortgage (local)

Feb 2017   (average)         3.99%

Feb 2016   (average)         3.82%

Most recent (Mar. 22,  2017)    4.12%

A year ago  (Mar.22, 2016)         3.83%

 

January Posts Record Home Sales

Strong Market Continues Momentum into 2017

January home sales continued last year’s momentum, up 4.33 % compared to January a year ago, setting a new record high for January. Home sales this month were 1,447 compared to 1,387 in January 2016.

“2017 home sales continued the positive momentum where 2016 left off,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “January 2017 posted the highest number of home sales compared to any January historically, exceeding the record set in January 2016,” said Welch.

The average home price climbed to $180,681 compared to $166,130 a year earlier, a +8.76 % increase.  At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,867 from 6,647 a year ago, down – 26.78 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to eight.  Low inventory along with low interest rates and consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in January averaged 4.07% for a 30-year fixed rate loan.  The rates were up slightly compared to 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 $481.

“Consumers should to contact a REALTOR to help guide them through 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 Welch.

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

Nationwide, January home sales were up + 3.3 % from December on a seasonally adjusted basis, and was up + 3.8 % from January 2016.

2016 just shy of 2005 records!

2016 just shy of 2005’s record year in sales

December home sales continued the year’s momentum, up 6.02 % compared to December a year ago. Home sales this month were 1,937 compared to 1,827 in December 2016. Home sales for the year, 2016, ended up 7.46% over 2015 and just missed 2005’s record year in sales, 26,114 in 2016 vs 26,553 in 2005.

“2016 was a stellar year for home sales in Greater Cincinnati, recording the second highest year ever in unit sales,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “The market momentum was so strong that we achieved all-time highs in average and median sales prices also,” said Welch.
The average home price climbed to $190,339 compared to $178,837 a year earlier, a + 6.43 % increase. At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 5,049 from 6,704 a year ago, down – 24.68 %.

“Nine out of the past twelve months recorded record high average prices of homes. Our low inventory coupled with low interest rates and consumers ready to purchase made this a very active market that continues to drive the prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.

Local home mortgage rates in December averaged 4.06% for a 30-year fixed rate loan. The rates down slightly at 3.91% 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 $481.

“Consumers should to contact a REALTOR to help guide them through 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 Welch.

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

Nationwide, December home sales were down – 2.8 % from November on a seasonally adjusted basis, but were up slightly + 0.7 % from December 2015.

Average and Median Home Prices Highest in November

November home sales soared, up 21.41 % compared to November a year ago. Home sales this month were 1,866 compared to 1,537 in November 2015. For the first eleven months of 2016, home sales are up 7.5% over the first eleven months of 2015.

“2016 home sales in Greater Cincinnati are set to record the second highest year ever in unit sales,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “The market momentum is so strong that we could achieve all-time highs in average and median sales prices also,” said Stehlin.

The average home price climbed to $190,784 compared to $176,599 a year earlier, a + 8.03 % increase. At the same time, the inventory of homes for sale, as of November 30, continued its year-over-year declining trend to 5,777 from 7,476 a year ago, down – 22.73 %.

“Eight out of the past eleven months have displayed record high average prices of homes. Our low inventory coupled with low interest rates and consumers ready to purchase make this a very active market that continues to drive the prices higher. Remember, homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Stehlin.

Local home mortgage rates in November averaged 3.98% for a 30-year fixed rate loan. The rates were about the same at 3.97% 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 $476.

“Consumers need to contact a REALTOR to help guide them through 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.

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

Nationwide, November home sales were up + 0.7 % from October on a seasonally adjusted basis, and were up + 15.4 % from November 2015.

Greater Cincinnati Home Sales Remain Strong!

Greater Cincinnati Home Sales Remain Strong!
Average Price and Closings Continue to Climb
September home sales remained strong, up 5.00 % compared to a robust September a year ago. September home sales were 2,362 compared to 2,250 in September 2015. For the first nine months of 2016, home sales are up almost 6.4% over the first nine months of 2015.  “Being a very stable and affordable housing market, Greater Cincinnati continues its upward sales trend,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “Our closings in September have been their highest since 2005,” said Stehlin.

The average home price climbed to $191,078 compared to $176,257 a year earlier, a + 8.41 % increase. At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend to 6,447 from 8,438 a year ago, down – 23.6 %.

“Our average price of homes has been at record highs. Our low inventory coupled with low interest rates and consumers ready to purchase make this a very active market that continues to drive the prices higher. Remember, homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Stehlin.

Local home mortgage rates in September averaged 3.45% for a 30-year fixed rate loan. The rates were higher at 3.84% 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 $446.

“Consumers need to contact a REALTOR to help guide them through 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.

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

December Home Sales Explode!

December Home Sales Explode! 
2015 Records Best Year since 2006  
Greater Cincinnati recorded it’s best December home sales ever, up + 10.4 %, compared to a year ago.  December home sales were 1,809 compared to 1,639 in December 2014.  Homes sold (closed) for the year were up + 7.2% compared to a year ago and recorded the greatest annual sales since 2006.

“2015 was a great year for Greater Cincinnati, recording the most home sales since 2006,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®.  “Low interest rates, low housing inventory and very affordable housing have really made this a great market for both buyers and sellers,” said Stehlin.   “Sales remain strong, but in some cases, they are taking a little longer to close due to new government regulations, but don’t let this deter you.  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.

The December average home price climbed to $179,550 compared to $173,447 a year earlier, a + 3.5% increase.  For the year, the average price was $180, 803 compared to $175,609, a 3% increase.  At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 6,704 from 7,989 a year ago, down – 16.1%.

Local home mortgage rates in December averaged 3.91% for a 30-year fixed rate loan.  The rates were higher at 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 $472.  

“Demand for good, quality homes is still high, and our homes remain a great value for consumers looking for that dream home, said Stehlin.  Compared to renting, purchasing is definitely the most affordable,” Stehlin stated.  

Call a professional REALTOR today!

Nationwide, December home sales were up + 14.7% from November on a seasonally adjusted basis, and were up + 7.7% from December 2014.

Home Sales Jump 30%

Home Sales Jump 30%; 
January Sales Highest in 6 Years 
Cincinnati home sales (closings) were significant last month; reaching a 6-year high. January home sales totaled 1,294 compared to 999 from a year ago, up 29.5%.  This represents 19 consecutive months of increased sales. Sales in January 2013 compared to December 2012 were down 6.8%, which is typical of the season.

January’s average home selling price was $139,213 vs. $137,916 a year earlier, for a 0.9% increase.  The average price has increased year-over-year for 11 consecutive months.

Local home mortgage rates in January averaged 3.60% for a 30-year fixed rate loan.  That is down from 3.92% a year ago.  The difference represents a $218 yearly savings on a $100,000 home loan, which
enhances home affordability.

Inventory of homes for sale continued its declining trend to 9,451 from 11,003 a year ago, down 14.1%.  This means that homes for sale — newly added to the current inventory — if priced properly and in good condition, are in a position to sell faster.  It is common for inventory to start low and build as the year goes on.

“January home sales came in like a lion to begin 2013,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors.  “This is the best January in number of sales in 6 years. The continued, upward momentum of Cincinnati home sales is a strong indicator that our local economy is recovering.” Kelly said that interest rates are maintaining their historic lows, the inventory of homes remains low, and the number of buyers looking for their desired home is increasing. “These are factors that help the housing market continue its positive momentum,” Kelly concluded.

Nationwide, January home sales were up 0.4% from December on a seasonally adjusted basis and were up 9.1 % from January 2012.  January home sales marked the 19th consecutive month where home sales – nationwide and statewide – also improved over a year ago.

Source:  Cincinnati Area Board of Realtors

December Sales Highest in 6 Years

December Sales Highest in 6 Years

The Cincinnati Area Board of Realtors reports that the Cincinnati home sales (closings) ended the year on a 5-year high. 2012 year-end home sales totaled 18,988 compared to 16,854 from a year ago; up over 12%.  Local home sales in December, the highest in 6 years, totaled 1,378 units compared to 1,308 a year ago; a 5.3% increase.  It represents 18 consecutive months of increased sales.

Last month’s average home selling price was $153,615 vs. $146,014 a year earlier, for a 5.2%
increase.  The average price has increased year-over-year for ten consecutive months.  For year-end 2012, the average sale price was up 3.2%; $156,201 compared to $151,428 for 2011.

Local home mortgage rates in December averaged 3.41% for a 30-year fixed rate loan.  That’s
down from 4.00% a year ago.  The difference represents a $456 yearly savings on a $100,000 home loan, which enhances home affordability. Inventory of homes for sale continued its declining trend to 9,376 from 10,837 a year ago, down 13.5%.  This means that homes for sale — newly added to the current inventory — if priced properly and in good condition, are in a position to sell faster.

Nationwide, December home sales were down 1.0% from November on a seasonally adjusted
basis, but were up 12.8 % from December 2011.  December home sales marked the 18th consecutive
month where home sales – nationwide and statewide – also improved over a year ago.

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