November Home Sales Lose Momentum
Average Price Continues to Climb
2019 November home sales lost some momentum, down – 3.4% compared to November a year ago, which is not uncommon this time of year. Home sales this month were 1,903 compared to 1,970 in November 2018.
“Even though homes sales in November slowed a bit, the housing market remains strong and affordable,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. “Our region continues to experience business growth and an influx of millennials along with young and established families moving into Greater Cincinnati. Add in low rates, reasonable prices and a constantly rotating inventory and you have the perfect mix to help keep Cincinnati amongst the most affordable places nationwide to live,” said Billings.
The November average home price climbed to $226,113 compared to $209,075 a year earlier, an + 8.15% increase. At the same time, the inventory of homes for sale, as of November 30, continued its year-over-year declining trend, dropping from 5,023 a year ago to 4,032 in November 2019, down – 19.7 %.
“The pressure of millennials and families wanting to purchase a home is keeping inventory low. Don’t be too concerned with a low inventory,” said Billings. Once a “ready to move in” property is listed, it tends to sell quickly. With low interest rates, unemployment at or near the national average, the influx of good-paying jobs and very affordable housing, Greater Cincinnati is a great place for anyone to live and work.
Local home mortgage rates in November averaged 3.75% for a 30-year fixed rate loan. The rates were down compared to 4.83% 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 $463.
“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, November home sales were down -1.7 % compared to October on a seasonally adjusted basis but were up + 2.7 % from November 2018.