March Home Sales Sluggish
Average Price takes First Dip in 32 Consecutive Months
2019 March home sales were sluggish, down – 5.5 % behind last year’s levels, compared to March a year ago. Home sales this month were 1,980 compared to 2,096 in March 2018.
“Despite home sales for the first quarter of 2019 being off 5% compared to the same period last year, which equals 250 sales, the Cincinnati real estate market remains robust,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. We are just getting into the Spring Market. There is an abundance of buyers and with interest rates remaining low, this is an opportune time to list or sell your property. For a property in move-in condition and priced reasonably in today’s market, we are still seeing multiple offer situations,” said Billings.
The March average home price dipped for the first time in 32 consecutive months to $204,372 compared to $206,182 a year earlier, a – 0.88 % decrease. At the same time, the inventory of homes for sale, as of March 31, continued its year-over-year declining trend, dropping from 4,033 a year ago to 3,788 in March 2019, down – 6.07 %.
“Greater Cincinnati has been ranked highly by a number of sources for first-time home buyers, for retirees, for Millennials, for families and for housing affordability,” said Billings. With low interest rates, unemployment at or near the national average, the influx of good-paying technical jobs and very affordable housing, Greater Cincinnati is a great place for anyone to live and work.
Local home mortgage rates in March averaged 4.35% for a 30-year fixed rate loan. The rates were down compared to 4.44% 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 $498.
“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, March home sales were down – 4.9% compared to February on a seasonally adjusted basis and were down – 5.4% from March 2018.