HousingWire reported, “After hitting a new low in August, new home sales surged in September to their fastest pace in the past decade, according to the latest report released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development”.

During September new homes sales in Greater Cincinnati aren’t keeping pace with the national trends.  In September 2017 74 newly constructed homes closed with an average sale price of $376,575 compared to  September 2016 with 97 sales with an average sale price of $358,320.  A 22% drop in the total number of sales but a 5% increase in the average sale price.

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Once again real estate is local.  New home sales in greater Cincinnati are robust but not breaking any records.  Builders are recalculating pricing strategies before the winter months hit the real estate market.  

Many local builders were open to negotiating sale prices of “spec homes” in order to get them off their hands.  In some cases, buyers were lucky to get the benefit of hefty discounts.

The local real estate market needs more new construction to offset the shortage of homes for sale in our market.  More new homes (and condos) helps motivate undecided sellers into finding someplace to move and, in turn. listing their home for sale.

Looking for a new spec home or thinking about building – Call or text for help