The spring of 2016 was a relatively busy time for Cincinnati real estate agents. The market is changing year over year and the numbers support some very positive trends.
Cincinnati home prices are on the rise
Overall prices for homes in Cincinnati are on the rise. Home sale prices for July 2016 are up 3.69% compared to home sale prices in July 2015. That change represents an increase in the value of our homes as well as the fact that there are more higher priced homes selling.
Cincinnati home sales decline in July
While the increase in sale price is a good thing, sales for the month of July are down 3.14% in 2016 compared to July 2015. Part of this is due to the fact that year to date home sales are up 5.28%. The reason? It is most likely that more people moved their home purchase earlier in the year compared to last year. This explains the stronger spring and slower July.
Cincinnati Mortgage Rates Drop
The other element driving the increase in sales this year is a lower mortgage rate. This year in July the mortgage rate was 3.48% and was up at 4.09% in July of 2015 according to a CABR release.
What does this really mean to buyers and sellers? To buyers it means there are fewer homes for them to chose from even though they are in a better position to get a more affordable loan. For sellers it means that the market is experiencing its typical seasonal slowdown. To sell a home you have to be priced right during the summer months.
If you a buyer looking to take advantage of the lower mortgage rates this summer contact me. I look forward to working with you!