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July Home Sales Show Strength

July Home Sales Show Strength
Average Price Sets Record for 25th Consecutive Month
July 2018 home sales flexed its muscle, exceeding last year’s levels, up + 4.13 % compared to July a year ago. Home sales this month were 2,545 compared to 2,444 in July 2017.

“July 2018 recorded the third highest July home sales since 2005, the highest recorded in July 2015,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Home sales remain very strong as a result of the strong economy and the steady, lower interest rates. The demand for housing has not subsided, but buyers appear to be more and more selective in what they are looking for,” said Morrical.

subsided, but buyers appear to be more and more selective in what they are looking for,” said Morrical.
The July average home price climbed to $224,481 compared to $209,130 a year earlier, a + 7.34 % increase. At the same time, the inventory of homes for sale, as of July 31, continued its year-over-year declining trend to 5,257 from 5,662 a year ago, down – 7.15 %, however, July was up +5.43% over June 2018.
“Homes in greater Cincinnati are very affordable despite the fact we are dealing with low inventory and increasing home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical. “Use a Realtor to assist you in selling your current home or buying your next home. Realtors have access to the MLS of Greater Cincinnati, the most powerful tool used by Realtors to assist you in listing and / or selling your home quickly, efficiently and for the best, possible price,” said Morrical

Local home mortgage rates in July averaged 4.54% for a 30-year fixed rate loan. The rates were up
compared to 3.95% 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 $509.
“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, July home sales were down – 0.7% from June on a seasonally adjusted basis, and were
down – 1.5% from July 2017.

May Home Sales Strong

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!

Home Sales May 2018 sent to media 06 20 2018 Page 2 1024x627 - May Home Sales Strong

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.

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.

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