The Cincinnati Area Board of Realtors recently issued their monthly report. The news is pretty much what we all in the real estate field expected. Prices are still slightly depressed, but home sale volume is slightly better than last year. August 2009 was slightly better than August 2008 in terms of the number of homes sold. The average cost of real estate sold is lower this year, due in part to the volume of short sales and foreclosures being purchased.
There is wide belief that the First Time Home Buyer Tax Credit has helped increase sales volumes and help avert further decline in our area’s home prices. The below graph shows the steady seasonal increase in sales that we see in our market during the warmer months of spring and summer. I am trying to impress on my clients that although the tax credit ends on November 1st, they truly need to have contracts written and the financing process started no later than the middle of October, and even that is cutting it close.