July Home Sales Gain Momentum
YTD 2019 Sales Mimic 2018
2019 July home sales kept pace compared to last year’s strong sales, down – 1.5 % compared to July a year ago. Home sales this month were 2,518 compared to 2,557 in July 2018.
“July home sales were brisk and kept pace with home sales compared to July 2018,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. “As we’ve seen recently, interest rates continue to lessen due to the strength of the economy. The market remains fast-paced where homes priced right that are move-in ready are selling quickly. Thus, our inventory remains low,” said Billings.
The July average home price climbed to $240,974 compared to $224,342 a year earlier, a +7.41 % increase. At the same time, the inventory of homes for sale, as of July 31, continued its year-over-year declining trend, dropping from 5,257 a year ago to 4,497 in July 2019, down – 14.5 %.
“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 July 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, July home sales were up + 2.5 % compared to June on a seasonally adjusted basis and were up + 0.6% from July 2018.