Greater Cincinnati Home Sales Remain Strong!

Posted on: October 20th, 2016 by Andrew Clark No Comments

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.

home-sales-september-2016-sent-to-media-10-20-2016-final_page_1The 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!

Nationwide, September home sales were up + 3.2 % from August on a seasonally adjusted basis, and were up + 0.6 % from September 2015.

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CLICK HERE to view a printable version of this press release.