August Closings Lose Momentum
Home sales in August lost momentum, down - 14.3% from a year ago. Homes sold (closed) last month were 2,110 compared to 2,463 in August 2013. Home sales YTD are 15,429 compared to 15,838 for the same period (Jan-August) last year, down -2.6%
“Greater Cincinnati continues to be a solid, viable market,” said Ken Parchman, President of the Cincinnati Area Board of REALTORS®. “Even though August unit sales were down, 2014 is continuing to mimic 2013 home sales, which recorded the highest number of sales in the past 7 years,” said Parchman.
The August average home selling price climbed to $190,795 vs. $171,440 a year earlier, an 11.3% increase. The average price has increased year-over-year for 30 consecutive months. At the same time, the inventory of homes for sale, as of August 31, continued its year-over-year declining trend to 10,233 from 10,571 a year ago, down -3.2%.
Local home mortgage rates in August averaged 4.03% for a 30-year fixed rate loan. The rates are down slightly from 4.54% a year ago.
“The average price in the Greater Cincinnati housing market continues to steadily increase as a result of lower inventory levels, increased buyer activity and relatively low interest rates,” said Parchman.
“We live and work in a stable market with affordable housing opportunities for not only first-time buyers, but those looking to upgrade or relocate.”
“There is no better time than now to list your property with a REALTOR®,” said Parchman.
Nationwide, August home sales were down - 1.8% from July on a seasonally adjusted basis, and were down – 5.3% from August 2013.
Compliments of the Cincinnati Area Board of Realtors.