Home Sales Continue Upward Momentum

Posted on: November 22nd, 2016 by Andrew Clark No Comments

Home Sales Continue Upward Momentum

Average and Median Prices Highest Ever in October

November 22, 2016

October home sales continued their upward momentum, up 5.50 % compared to a robust October a year ago. Home sales this month were 2,184 compared to 2,070 in October 2015.  For the first ten months of 2016, home sales are up almost 6.4% over the first ten months of 2015.

“Greater Cincinnati is a very stable and affordable market for purchasing a home,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®.  “Currently, the market is so strong that we could achieve all-time highs in sales as well as in average and median sales prices,” said Stehlin.

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The average home price climbed to $193,829 compared to $171,144 a year earlier, a + 13.25 % increase.  At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining trend to 6,244 from 8,031 a year ago, down – 22.25 %.

“Our average price of homes has been at record highs the past five months.  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 October averaged 3.51% for a 30-year fixed rate loan.  The rates were higher at 3.83% 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 $450.

“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, October home sales were up + 2.0 % from September on a seasonally adjusted basis, and were up + 5.9 % from October 2015.

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