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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.

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.

December Sales Reported Up by Cincinnati Area Board of Realtors

Home sales in December, for the sixth month in a row, continued a positive trend with 1,294 units — up 7.65% over December 2010. Annually, there were 16,829 sales in 2011 compared to 16,937 in 2010. Second half sales of 2011 were positive, making up for a difficult first half. Last month’s average price was $146,259, compared to a year ago of $160,295. The average price for 2011 was $151,384 compared to $158,560 in 2010.

Today, the average interest rate in Cincinnati is 3.91% for a 30-year fixed rate mortgage. Nationally, the average interest rate is 4.18%. Many experts claim that the low interest rates will not last. The Cincinnati area housing market has 8 months of available inventory compared to nearly 10.5 months a year ago. A continued decrease in inventory would result in a greater demand, possibly leading to an increase in the average sale prices of homes. The National Association of Realtors claims that an inventory level of less than 6 months leans toward a “seller’s market,” where the price of homes could rise.

TODAY IS A GREAT TIME TO BUY… Call a Star One sales associate for assistance in your buying or selling needs.

Star One Introduces Star One Mobile MLS

Website+Graphic2 - Star One Introduces Star One Mobile MLS

Star One Mobile MLS empowers ANYone to call from ANY phone on ANY local home for sale to find information such as price, number of bedrooms, baths and special features of the home. Call 513-381-4000 for thousands of listings in Ohio and call 859-993-4000 for thousands of listings in Kentucky. You simply call the number, follow the prompts and enter the house number. You will hear an audio presentation of the property’s details. The best part is, you can get instant information on any home listed with any real estate company in our local market, not just our company’s listings. You can also receive text information and email information on the property that you inquired upon so you can view photos online and keep track of the properties you have viewed.

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