2019 Home Sales Start Slow

Posted on: February 21st, 2019 by RAGC Team No Comments

2019 Home Sales Start Slow

Average Price Sets Record for 31 Consecutive Months

2019 January home sales started the year lagging behind last year’s levels, down – 8.4 % compared to January a year ago.  Home sales this month were 1,235 compared to 1,348 in January 2018. 

“Despite the slow sales in January 2019 home sales are anticipated to be robust with inventory down and interest rates remaining low,” said Michelle Billings, President of the Cincinnati Area Board of REALTORS®.  “Even in the winter months, there are plenty of buyers.  Coupled with less seller competition makes it a great time to list or sell your property. If it is in move-in ready condition and priced reasonably, in today’s market, there is great opportunity for it to sell quickly,” said Billings. 

The January average home price climbed to $200,896 compared to $195,681 a year earlier, a + 2.67 % increase.  At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend, dropping from 4,185 a year ago to 4,044 in January 2019, down – 3.37 %.    

“Greater Cincinnati is very affordable, great for job prospects and a better quality of life.  It has many fine attributes to offer the residents of this region.  Many corporations are expanding and / or moving to the Cincinnati region due to being a central location to many other major metropolitan areas.  For these and many other reasons, the U.S. News & World Report’s 2018 Best Places to Live in the United States article ranked Cincinnati as one of those best places to live,” said Billings.

Local home mortgage rates in January averaged 4.46% for a 30-year fixed rate loan.  The rates were down compared to 4.57% 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 $504. 

“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 Billings.

Call a real estate professional !!  Call a REALTOR today!

Nationwide, January home sales were down – 1.2% compared to December on a seasonally adjusted basis and were down – 8.5% from January 2018.

CLICK HERE for a PDF version of this press release.