According to the Cincinnati Area Board of Realtors latest press release home sales for July were down 3.1% compared to July 2015. The good news for sellers is the 3.69% increase in the average sale price compared to July 2015 from $189,758 to $196,766.
The number of homes for sale dropped 21% compared to last year. RIS Media reported the continued lack of homes for sale is having a negative impact on the real estate market. This shortage will continue to drive the prices up for some areas and but discouraged buyers may decide to postpone buying a home in the near future.
A bright spot, which may help the housing shortage is the boom in new construction. The US Census bureau reports a surge in building and sale of new homes.
The number of new home sales in greater Cincinnati jumped +16% compared to the same time frame in 2015. The average sale price rose almost 2% from $355,966 to $361,801. And this number covers new construction listed in the Multiple Listing Services. The actual numbers are probably much higher since many build jobs are never officially listed.
Only time will tell if the continued increases in sale prices will continue if buyers decide to wait until next spring to go house hunting. Search