April Home Sales Strong, but takes a Break
Average Price for April sets another record
April home sales were strong, but could not maintain a record setting pace, down – 10.29 % compared to April a year ago. Home sales this month were 2,119 compared to 2,362 in April 2016.
“Even though inventory remains low, 2017 home sales remain strong,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “The real estate market is not showing any signs of slowing down and will probably continue at this pace for some time,” said Welch.
The average home price climbed to $204,254 compared to $186,436 a year earlier, a + 9.56 % increase. At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,885 from 6,436 a year ago, down – 24.10 %.
“The average price of homes set a new record for the month of April, extending our consecutive record months of average home sale prices to eleven. Even though interest rates are climbing ever slightly, low inventory along with 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 April averaged 4.19% for a 30-year fixed rate loan. The rates were up compared to 3.60% 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 $488.
“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 REALTOR today!
Nationwide, April home sales were down – 2.3 % from March on a seasonally adjusted basis and were up + 1.6 % from April 2016.