January Home Sales take a Breather
Average Price Sets Record for 19th Consecutive Month
January 2018 home sales took a breather compared to last year’s levels, down – 8.12 % compared to January a year ago. Home sales this month were 1,335 compared to 1,454 in January 2017.
“January 2018 home sales may not have been as strong as a record January in 2017, but it still reflected a strong 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 through 2018,” said Morrical.
The January average home price climbed to $193,400 compared to $180,987 a year earlier, a + 6.86 % increase. At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,185 from 4,867 a year ago, down – 14.01 %.
“Despite low inventory and moderately increasing interest rates, a recent 2018 Housing Study by Trulia identified Cincinnati in the top 10 of 100 largest housing markets poised for growth. High starter-home affordability, strong job growth, low vacancy rates, and a large share of adult population under the age of 35 are great indictors of Cincinnati’s continued growth and market strength,” said Morrical.
Local home mortgage rates in January averaged 4.22% for a 30-year fixed rate loan. The rates were down compared to 4.07% 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 $490.
“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.
Call a real estate professional !! Call a REALTOR today!
Nationwide, January home sales were down – 3.2 % from December on a seasonally adjusted basis, and were down – 4.8 % from January 2017.