15,688 Cincinnati Homes Sold, 2010
Cincinnati home sales continued their 2010 advancement in November, with 1,092 homes sold (closed) last month, and 15,668 for the first 11 months of the year. That represented decreases of 31% and 10%, from comparable periods one year ago.
Looking forward, November real estate contracts written – but not yet closed – were down only 2.3% from a year ago.
Another favorable note: November home sale prices increased by 0.78% from a year ago, and 5.2% year to date.
Tim Mahoney, president of the Cincinnati Area Board of Realtors, said “We would like to have seen more sales activity this year, but with a “less-than-stellar” jobs situation nationwide, we’re fortunate the local market wasn’t hit hard in housing sales, as were many parts of the nation.”
Mahoney continued, “I think the public realizes that mortgage rates have bottomed, and if prospective home buyers are serious about buying, they’ll appreciate that today’s rates near 5% are still attractive.”
Local mortgage rates over the past 6 years, from a mid-December viewpoint, are as follows:
- 2010 – 5.05%
- 2009 – 5.06%
- 2008 – 5.08%
- 2007 – 6.25%
- 2006 – 6.35%
- 2005 – 6.41%
“A continuation of improvement in the Ohio unemployment rate should help the housing market,” said Mahoney. The November, seasonally adjusted jobless rate in Ohio was 9.8%. It peaked at 10.8%one year ago. Not seasonally adjusted unemployment rates are somewhat lower for the nation, Ohio and southwest Ohio.
Press Release, Cincinnati Area Board of Realtors® December 22, 2010
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