May marked the 11th consecutive month where local home sales improved over a year ago. May
sales of 1,901 units -- a 14.17% gain over the same month a year ago -- is the highest number of monthly sales since June 2010. Year-to-date sales (Jan. through May) are up 10.31% from a year ago.
“What a great time to buy,” said Tom Hasselbeck, president of the Cincinnati Area Board of
Realtors. “Historically low mortgage rates and an inventory of affordable housing are contributing factors helping prospective and move-up buyers to stop looking and start buying.”
Average home sale price last month was $157,535, up 3.14% from a year earlier.
Local mortgage rates in May averaged 3.90%. That’s down from 4.77% a year ago. This week,
they’re at 3.80% (that equates to a $466 monthly payment for a loan amount of $100,000 over a 30-year term).
Cincinnati has a 6.5 months’ supply of homes at the current sales pace compared to an 8.5 months’
supply a year ago. A 6-month supply is considered a balanced market. “What we are witnessing is an
increase in the number of sales each month with a year-over-year decline in our inventory,” said
Hasselbeck. “The continued increase in average price is a result of buyers acting quickly to purchase
reasonably-priced homes as soon as they appear on the market.” “Greater Cincinnati has been recognized as being one of the best in housing affordability,” said Hasselbeck.
June 1, 2012: CNN Money Magazine ranked Cincinnati 10th in Most Affordable U.S. Cities to Buy a Home
April 2012: Forbes ranked Greater Cincinnati 15th in America’s Most Affordable Cities.
March 2012, Rent vs. Buy Index: Trulia ranked Cincinnati 17th of 100 U.S. Metropolitan Areas where it is cheaper to buy a home vs. rent. In 98 of the 100 markets, it was cheaper to buy vs. rent.
