The Cincinnati housing market continues to sustain a strong demand with low inventory numbers and high sales prices, but are we beginning to see a shift? “While the numbers are higher than in past years, the data trends are beginning to fall in line with the seasonal trends we typically see year after year,” says Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS®. “Changing interest rates could be a big factor in how the market changes over the next few months.”
CABR Affiliate Committee Member, Phil Forbes the SVP of Mortgage Lending at Guaranteed Rate, said, “The 2.875% interest rates are the best we had seen in years, but those who were able to secure that rate were locked into a contract between August 7th and September 7th. These are the closings that you are seeing take place in September.” “Since the Federal Reserve announced that they were going to begin buying less mortgage-backed securities in September, we have already begun to see interest rates rise. We will begin to see the effect this has on the Cincinnati housing market in the October housing statistics,” says Forbes.