Cincinnati Home Sales Rise 20% in July
- Aug 19, 2011
Sales of single-family homes rose more than 20 percent in July in Greater Cincinnati. It is the first increase in year-over-year activity since sales began to slide in March.
A total of 1,965 homes were sold this month in the tri-state area. According to the Cincinnati Area Board of Realtors and the Northern Kentucky Association of Realtors, 1,571 homes were sold in Southwest Ohio, an increase of 19.7 percent, and 394 in Northern Kentucky, an increase of 23.9 percent. Compared to the 1,630 homes sold in July 2010, it shows an increase of 20.5 percent. The National Association of Realtors reported that sales rose 21 percent nationally over July 2010 but dropped 3.5 percent from June 2011, to a seasonally adjusted annual rate of 4.67 million homes. That’s far below the 6 million that economists say must be sold to sustain a healthy housing market.
The gross volume of homes sold in Southwest Ohio rose more than 21 percent, to $261.3 million from $215.5 million, with the average sale price up by 1.25 percent to $166,351 in July. In Northern Kentucky, the total sales volume was up 17.1 percent, to $59.3 million from $50.7 million. The average sale price fell to $150,629, down 5.5 percent compared to $159,411 in July 2010.
Even though local and national avarage rates on 30-year and 15-year fixed mortgages have reached record lows, many would-be buyers are still too nervous to invest in a home. The large unemployment rate, debt and banks insisting on higher credit scores and larger down payments for first-time buyers are just some of the factors that have had a negative impact on the housing market.
Sales in Greater Cincinnati are still lower than last year, but there are hopes that by creating new jobs and sustaining employment in the region consumer confidence will grow, leading to the housing market’s recovery.