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February Home Sales Come to Life Average Price Sets Record for 20th Consecutive Mont

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.

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

Nationwide, February home sales were up + 3.0 % from January on a seasonally adjusted basis, and were up + 1.1 % from February 2017.

January Home Sales take a Breather

Average Price Sets Record for 19th Consecutive Month

January 2018 home sales took a breather compared to last year’s levels, down – 8.12 % compared to January a year ago.  Home sales this month were 1,335 compared to 1,454 in January 2017.

“January 2018 home sales may not have been as strong as a record January in 2017, but it still reflected a strong economy,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “Home sales remain strong and, from all indications, will maintain its momentum through 2018,” said Morrical.

The January average home price climbed to $193,400 compared to $180,987 a year earlier, a + 6.86 % increase.  At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,185 from 4,867 a year ago, down – 14.01 %.

“Despite low inventory and moderately increasing interest rates, a recent 2018 Housing Study by Trulia identified Cincinnati in the top 10 of 100 largest housing markets poised for growth.  High starter-home affordability, strong job growth, low vacancy rates, and a large share of adult population under the age of 35 are great indictors of Cincinnati’s continued growth and market strength,” said Morrical.

Local home mortgage rates in January averaged 4.22% for a 30-year fixed rate loan.  The rates were down compared to 4.07% 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 $490.

“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, January home sales were down – 3.2 % from December on a seasonally adjusted basis, and were down – 4.8 % from January 2017.

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.

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