Home Sales Update
Home Sales Update
The official greater Cincinnati home sales update for May were just released.
According the Cincinnati Area Board of Realtors home sales were up 9.7% compared to a year ago. And up 9.6% year-t0-date compared to the first 5 months of 2015.
The average sale price for a single family home dropped -0.56% compared to May, 2015. The biggest hit to the local real estate market is the continuing drop in the inventory of homes for sale-declining -21.9% compared to the same time frame last year.
The home sale activity we’re experiencing in greater Cincinnati is happening nationally according the National Association of Realtors. The latest numbers reflect fast sales for well priced homes and lack of homes for sale in lots of markets.
Mortgage rates remain stable and low. Federal regulations continue to impact the timeliness of closings and until lenders sort through all the paperwork, both buyers and sellers shouldn’t be surprised when closing dates are rescheduled.
