The latest headline for the greater Cincinnati real market-”Year End Homes Up 12%”!
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According to the Multiple Listing Service of Greater Cincinnati home sales (homes sold and closed) ended 2012 on a 5-year high. The 2012 year-end home sales totaled 18,988 compared to 16,854 from a year ago; up over 12%. Local home sales in December, the highest in 6 years, totaled 1,378 units compared to 1,308 a year ago; a 5.3% increase. It represents 18 consecutive months of increased sales. Last month’s average home selling price was $153,615 vs. $146,014 a year earlier, for a 5.2% increase. The average price has increased year-over-year for ten consecutive months. According to the press release…”For year-end 2012, the average sale price was up 3.2%; $156,201 compared to $151,428 for 2011.”
However the numbers are confusing- especially to current and potential sellers who interpret price increases as “back to normal” or where prices were 6-7 years ago. Unfortunately price increases only means that we are beginning the long (long) climb out of housing basement of the past few years. The best way to understand prices around town is to look at median sale prices since 2006. Click here for price comparison.