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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.

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.

Greater Cincinnati Home Sales Remain Strong!

Greater Cincinnati Home Sales Remain Strong!
Average Price and Closings Continue to Climb
September home sales remained strong, up 5.00 % compared to a robust September a year ago. September home sales were 2,362 compared to 2,250 in September 2015. For the first nine months of 2016, home sales are up almost 6.4% over the first nine months of 2015.  “Being a very stable and affordable housing market, Greater Cincinnati continues its upward sales trend,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “Our closings in September have been their highest since 2005,” said Stehlin.

The average home price climbed to $191,078 compared to $176,257 a year earlier, a + 8.41 % increase. At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend to 6,447 from 8,438 a year ago, down – 23.6 %.

“Our average price of homes has been at record highs. Our low inventory coupled with low interest rates and consumers ready to purchase make this a very active market that continues to drive the prices higher. Remember, homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Stehlin.

Local home mortgage rates in September averaged 3.45% for a 30-year fixed rate loan. The rates were higher at 3.84% 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 $446.

“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!

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

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%

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