Positive Trend in November Home Sales for Cincinnati
Local home sales in November, for the fifth month in a row, continued a positive trend with 1,235 units — up 11.8% over November 2010. Last month’s average price was $146,905, compared to a year ago of $147,890. The average price for the first 11 months of 2011 was $151,764 compared to $158,426 the same 11 months in 2010.“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,” said Pete Kopf, president of the Cincinnati Area Board of Realtors. “But, to generate and sustain a healthy housing market, we need to create and maintain more jobs.”
Just last week, it was reported by Governor Kasich that the Ohio unemployment rate dropped to8.5% in November. “This is a step in the right direction for our economy and the jobs outlook,” said Kopf. “So, for those who have jobs and who can afford to take advantage of our extremely affordable market, now is the time to buy.”
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%.
The Cincinnati area housing market 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.
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