December Home Sales Increase in Cincinnati and US
Across the US and in Cincinnati home sales increased in December. Nationwide sales rose by over 12%. Although sales were up in the month of December, and had been on an upswing, December 2010 was weaker than December 2009 according to NAR.
5 of the the last 6 months of 2010 have seen an increasing trend in sales volumes. The growth is tied to the slow economic recovery. The sales composition is what is a bit concerning. The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009, and now more than 33% of all homes sold are foreclosures, or short sales.
The long term real estate outlook is closely tied to the economy. Look for slow and steady job growth which will be a leading indicator of the housing market. Unlike in prior decades the economy will save the housing market and not the other way around.
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