September Home Sales Maintain Momentum
YTD 2019 Home Sales 1.1% behind 2018
2019 September home sales matched and reflected last year’s strong sales, down -0.2% compared to September a year ago. Home sales this month were 2,119 compared to 2,123 in September 2018.
“Home sales are robust, and the Greater Cincinnati housing market remains strong and affordable,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. “Low rates, reasonable prices and a constantly rotating inventory helps to keep Cincinnati very affordable. This is supported by a recent report by Realtor.com ranking Cincinnati at # 2 amongst the most affordable places nationwide to raise a family. Once again, Cincinnati stands out as a great place to live and work,” said Billings.
The September average home price climbed to $225,996 compared to $208,060 a year earlier, an + 8.62 % increase. At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend, dropping from 5,449 a year ago to 4,586 in September 2019, down – 15.8 %.
“Multiple offer situations continue to occur in this market,” said Billings. Don’t be too concerned with a low inventory. This just means that once a property is listed, it tends to sell 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 September averaged 3.64% for a 30-year fixed rate loan. The rates were down compared to 4.72% 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 $457.
“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, September home sales were down – 2.2% compared to August on a seasonally adjusted basis and were up + 3.9% from September 2018.