June Home Sales Sluggish, Average Price Continues to Climb
2019 June home sales slowed compared to last year’s strong sales, down – 5.0 % compared to June a year ago. Home sales this month were 2,682 compared to 2,823 in June 2018.
“Home sales this month were sluggish compared to June 2018,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. “Due to the strength of the economy, interest rates continue to lessen. Low rates continue to drive buyers to purchase, hence the fast-paced market where homes priced right that are move-in ready are selling quickly. Thus, our inventory remains low,” said Billings.
The June average home price climbed once again to $244,750 compared to $233,542 a year earlier, a + 4.80 % increase. At the same time, the inventory of homes for sale, as of June 30, continued its year-over-year declining trend, dropping from 4,986 a year ago to 4,386 in June 2019, down – 12.0 %.
“Multiple offer situations occur more frequently than not in this market,” said Billings. Don’t be too concerned with a low inventory. This just means that once a property is listed, they tend to be selling quickly. 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 June averaged 3.73% for a 30-year fixed rate loan. The rates were down compared to 4.55% 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 $462.
“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, June home sales were down – 1.7 % compared to May on a seasonally adjusted basis and were down – 2.2% from June 2018.