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 remains 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.
Local home mortgage rates in August averaged 3.41% for a 30-year fixed rate loan. The rates were higher at 3.85% 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 $444.
“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 down – 0.9% from July on a seasonally adjusted basis, and were up + 0.8 % from August 2015.