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Home Sales Slip, but Remain Strong

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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.

Cincinnati Board of Realtors, Cincinnati housing, home prices, home sales, homeownership, Homes, homes for sale, interest rate, MLS Listings, real estate, Star One, Star One Realtors

Home Sales Average Price Sets Record

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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%

 

American Dream, average sale price, buyers, buying home, Cincinnati Board of Realtors, home price, home prices, homeownership, interest rate, inventory, real estate, realtor, Realtors, sellers, selling home, Star One, Star One Realtors

August Home Sales Continue Upward Growth Unit Sales Up; Prices Up

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August Home Sales Continue Upward Growth Unit Sales Up; Prices Up

Greater Cincinnati home sales this month were very strong, up 11.37 % compared to a record setting August a year ago. August home sales were 2,595 compared to 2,330 in August 2015.  For the first eight months of 2016, home sales are up almost 6.4% over the first eight months of 2015.

“August home sales continued their upward momentum compared to the same month a year ago,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®.  “Housing in Greater Cincinnati is very affordable and the sales this month were the highest in over 10 years,” said Stehlin.

The average home price jumped to $193,808 compared to $185,330 a year earlier, a + 4.57 % increase.  At the same time, the inventory of homes for sale, as of August 31, continued its year-over-year declining trend to 6,753 from 8,522 a year ago, down – 20.8%.

“Our inventory of homes for sale remain low, but as new construction increases and consumers, wanting to sell, put their homes on the market, we will see a continued increase in sales and slow growth in inventory.  Homes that are priced right and that are in move-in ready condition, properties are selling quickly,” said Stehlin.

“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, August home sales were up -0.9% from July on a seasonally adjusted basis, and were up + 0.8% from August 2015.

 

30-Year Fixed Rate Mortgage (local)

August   2016       (average)        3.41%

August   2015       (average)        3.85%

Most recent (Sept. 22, 2016)       3.64%

A year ago   (Sept. 22, 2015)      3.84%

April Sales, Cincinnati Board of Realtors, Cincinnati housing, Greater CIncinnati Homes, home prices, houses for sale, interest rate, March Sales, spring market

April Closings Surpass Sales from a Year Ago

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Home sales in April climbed 4.5% over a year ago providing a solid start into the spring market. 2,022 homes were sold (closed) last month compared to 1,935 in April 2013.
“The Greater Cincinnati housing market has come alive,” said Ken Parchman, president of the Cincinnati Area Board of REALTORS®. “The fact that new listings increasing more than 8% in April compared to March shows that sellers are ready to make a move, providing greater opportunity for buyers.
The March average home selling price climbed to $166,025 vs. $156,676 a year earlier, a 6.0% increase. The average price has increased year-over-year for 26 consecutive months. “This shows that our market is healing after the housing crash. More buyer activity and relatively stable interest rates will continue to push prices higher,” said Parchman.
Local home mortgage rates in April averaged 4.24% for a 30-year fixed rate loan. Even though the rates are up slightly from 3.42% a year ago, they are still at a level that makes purchasing a home very affordable and does not appear to be negatively influencing home sales.
The inventory of homes for sale as of April 30 continued its year-over-year declining trend to 9,232 from 10,148 a year ago, down – 9.0%. However, April inventory increased + 5.1% compared to March 2014. This was a result of an 8.3% increase in new listings in April compared to March 2014.
“Cincinnati was recently ranked 4th by the mortgage website, www.HSH.com, for being one of most affordable cities to buy a home,” said Parchman. “We live and work in a stable market with affordable housing opportunities for not only first-time buyers, but those looking to relocate.”
 “With the spring market well underway, there is no better time than now to list your property with a REALTOR®,” said Parchman.
Nationwide, April home sales were up + 1.3% from March on a seasonally adjusted basis, but were down – 6.8% from April 2013.

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