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 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.