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2012 Home Sales: Positives on Many Fronts

Posted on January 12, 2012 by tim in Market Update

This past year, I have personally felt the market improve on many fronts. The National Association of Realtors released its latest pending home sales index (PHSI) figure last week and for the second month in a row the index is up! But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus. This is great news!

In Cincinnati, local home sales were up for the fifth month in a row in November. It was a positive trend with 1,235 units — up 11.8% over November 2010 and the average price was nearly the same at $146,905, as compared to a year ago at $147,890. Five months in a row of increased sales, on a year-over-year basis, is a definite indicator that buyers — first-time, move-up or even investors — are finding great value in our market!

Currently, the housing market in Cincinnati has almost 10 months of available inventory compared to nearly 13 months a year ago. The inventory contains a wide variety of homes in a price range for anyone interested in buying a home. The current inventory contains the following: 34% are under $100,000; 46% from $100,000 – $249,999; 14% from $250,000 – $499,999; and 6% are over $500,000.

The Chief Economist for the National Association of Realtors, Lawrence Yun, is excited about 2012 on a national level. “Not only are home sales up but housing starts are up and home prices are stabilizing in many markets and heading up in some. In areas where they’re still down, the declines aren’t that great.”

Today, the average interest rate in Cincinnati is 3.93% for a 30-year fixed rate mortgage. Nationally, the average interest rate is 4.19% – COULD THERE REALLY BE A BETTER TIME TO BUY?

If you should have any questions regarding  your local market area, the current value of your home, or any other real estate related topics, please feel free to contact me at anytime. I  am always happy to help you! Lindsay Annett Shapiro, 513-509-5557, lindsay.shapiro@cbws.com, for Ogle Annett, 513-527-3060, ogleannett@realtor.com .

 


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