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April Home Sales Rebound, Average Price Sets Record for 22nd Consecutive Month

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April Home Sales Rebound 
Average Price Sets Record for 22ndConsecutive Month

April 2018 home sales rebounded, exceeding last year’s levels, up + 4.00 % compared to April a year ago.  Home sales this month were 2,210 compared to 2,125 in April 2017.

“With April’s rebound, 2018 home sales have caught up and are on course to exceed 2017’s sales,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®.  “The strong economy and the pent up demand for new homes and first-time home buyers makes this a very active and challenging market for home sales,” said Morrical.

The April average home price climbed to $214,972 compared to $205,089 a year earlier, a + 4.82 % increase.  At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,275 from 4,885 a year ago, down – 12.49 %.

“Cincinnati is a very strong and vibrant market.  Our homes are very affordable even though we are dealing with low inventory and an increase in home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical.  “Also, did you know that Greater Cincinnati has received recognition as a “great place to go in 2018; one of the best in the US to live and work; one of the fastest growing economies in the Midwest; and one of the best cities for new college grads?  Cincinnati is truly home,” said Morrical.

Local home mortgage rates in April 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 STAR ONE REALTOR today!

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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.

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