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May Home Sales Strong

June 20, 2018 Star One Realtors Leave a comment

May Home Sales Strong, but Short Average Price Sets Record for 23rd Consecutive Month

May 2018 home sales were strong, but fell short of last year’s levels, down – 4.32 % compared to May a year ago. Home sales this month were 2,594 compared to 2,711 in May 2017.

“May 2018 recorded the third most May home sales since 2005, the highest in May 2017,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Besides the strong economy, the demand for purchasing a home is very high even though interest rates are slowly rising,” said Morrical.

The May average home price climbed to $219,293 compared to $199,770 a year earlier, a + 9.77 % increase. At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 4,536 from 5,087 a year ago, down – 10.83 %.

“Cincinnati continues to be a very strong and vibrant market. Our homes are very affordable even though we are dealing with low inventory and increasing home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical. “A few tips for this market: 1) be prepared to move quickly; 2) make your best offer; 3) it is beneficial to come with a pre-approved loan; and 4) ask your Realtor about what price range of property is not selling as quickly. You may find your dream home by expanding your required features,” said Morrical.

Local home mortgage rates in May averaged 4.58% for a 30-year fixed rate loan. The rates were up compared to 4.09% 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!

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

January Home Sales take a Breather

February 21, 2018 Star One Realtors Leave a comment

Average Price Sets Record for 19^th 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.

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.

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Home Sales Slip, but Remain Strong

November 27, 2017 Star One Realtors Leave a comment

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

March 22, 2017 Star One Realtors Leave a comment

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%

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