January home sales continued last year’s momentum, up 4.33% compared to January a year ago, setting a new record high for January. Home sales were 1,447 compared to 1,387 in January 2016.
January 2017 posted the highest number of home sales compared to any January historically.
The average home price climbed to $180,681 compared to $166,130 a year earlier, a +8.76 % increase. At the same time, the inventory of homes for sale, as of January 31, continued its year-over-year declining trend to 4,867 from 6,647 a year ago, down – 26.78 %.
The average price of homes set another record this month. Low inventory along with low interest rates and consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly.
Local home mortgage rates in January averaged 4.07% for a 30-year fixed rate loan. The rates were up slightly compared to 3.80% a year ago.
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Specializing in residential real estate across Greater Cincinnati and Northern Kentucky