Heading into Fall/Winter, home sales are still active and the Greater Cincinnati area remains strong and affordable. This is supported by a recent report by Realtor.com ranking Cincinnati at # 2 amongst the most affordable places nationwide to raise a family. What we are seeing indicates that there will not be much of slow down even with the holiday season approaching. There is pent up Buyer demand due to lack of inventory, so Sellers do not need to wait until January to list if they want to make a move. In fact, there will be more competition when selling after the New Year.
Local home mortgage rates in September averaged 3.64% for a 30-year fixed rate loan. The rates were down compared to 4.72% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $457.
The September average home price climbed to $225,996 compared to $208,060 a year earlier, an + 8.62 % increase. At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend, dropping from 5,449 a year ago to 4,586 in September 2019, down – 15.8%.
Number of sales remains about the same as last year, while average sale price has increased.
Supply of listings available is at a historic low.
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