2017 Home Sales 3rd Highest Ever, Average Price Sets Record for 18th Consecutive Month
December home sales lagged compared to last year’s levels, down – 5.10 % compared to December a year ago. However, 2017 year-end home sales were recorded as the 3rd highest sales year ever at 25,984 compared to 26,142 in 2016, down – 0.60%. Home sales this month were 1,843 compared to 1,942 in December 2016.
“2017 home sales exceeded expectations, just falling short of a very strong 2016. Recorded as the 3rd highest number of annual residential sales ever says a lot for the strength of our economy,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, will maintain its momentum going into 2018,” said Morrical.
The December average home price climbed to $198,356 compared to $190,625 a year earlier, a + 4.06 % increase. The 2017 year-end average home price climbed to $202,169 compared to $190,908 in 2016, a + 5.90% increase. At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 4,360 from 5,049 a year ago, down – 13.65 %.
“Inventory remains low and interest rates are climbing slightly; yet the average price of property continues to rise due to increased demand, encouraged by the strong economy. Property continues to sell quickly as long as it’s in “move-in” ready condition in a desired location. There are plenty of buyers that are ready to purchase the home of their dreams,” said Morrical.
Local home mortgage rates in December averaged 3.95% for a 30-year fixed rate loan. The rates were down compared to 4.06% 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 $475.
“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 Morrical.
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Nationwide, December home sales were down – 3.6 % from November on a seasonally adjusted basis, and were up + 1.1 % from December 2016.