November Home Sales Soar !! Average Price Sets Record for 17th Consecutive Month
November home sales soared, exceeding last year’s levels, up + 6.55 % compared to November a year ago. Home sales this month were 2,001 compared to 1,878 in November 2016.
“Since June, home sales have been strong, but not as good as last year. This month, home sales showed its fortitude, exceeding last year’s sales and, YTD, coming very near to exceeding 2016 sales,” 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 and into next year,” said Welch.
The average home price climbed to $206,042 compared to $191,389 a year earlier, a + 7.66 % increase. At the same time, the inventory of homes for sale, as of November 30, continued its year-over-year declining trend to 4,997 from 5,777 a year ago, down – 13.50 %.
“Even though inventory remains low and interest rates have climbed slightly; the average price of property, in general, continues to rise and the economy appears to remain strong. Even though we are in the winter months, property that is in “move-in” ready condition in a desired location is still selling quickly. There are buyers that are ready to purchase the home of their dreams. Consumers who are considering selling their home should list it with a Realtor today,” said Welch.
Local home mortgage rates in November averaged 3.90% for a 30-year fixed rate loan. The rates were down compared to 3.98% 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 $472.
“REALTOR’s are available to help guide consumers 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, November home sales were up + 5.6 % from October on a seasonally adjusted basis, and were up + 3.8 % from November 2016.