Cincinnati Homes Sales Rise in August 2015
Cincinnati home sales rise year over year, and the positive momentum is great news for our local real estate market. “The Greater Cincinnati housing market is very healthy,” said Joe Mock, President of the Cincinnati Area Board of REALTORS®.
A Stronger Economy and More Home Sales
The stronger economy is absolutely contributing to the better home sales in 2015. More importantly the low interest rates are helping people afford first home and move-up homes. Local home mortgage rates in August averaged 3.85% for a 30-year fixed rate loan. The rates were higher at 4.03% a year ago.
Stability In Housing Prices
This August prices were actually down slightly ending a near 41 month run of year-over-year home price increases. The August average home price was $186,148 vs. $190,630 in August 2014, which is a 2.4% decline. This is potentially good news signifying that the housing market has fully recovered and we are settling into a state of balance.
Fewer Home For Sale In Cincinnati
The real story is the continued decrease in homes available for sale. At the end of August 2015 the the number of homes for sale continued a year-over-year decline to 8,522 from 10,233 at the end of August 2014. This is a significant decrease of 16.72%. Fewer homes on the market represents the decrease in foreclosures and tightening of supply. Prices should continue to rise as demand increases in the face of shrinking supply.
If you are looking to sell your home or buy one contact me at 513.518..1140
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