Over 1,200 homes sold in January 2014 in the Greater Cincinnati area. Extremely low inventory levels are the main factor affecting the decrease in number of home sales for January 2014 compared to January 2013.
The January average home selling price maintained its upward movement to $150,908 vs. $138,592 a year earlier, which is an 8.9% increase
Local home mortgage rates in January averaged 4.25% for a 30-year fixed rate loan. Even though the rates are up slightly from 3.60% a year ago, they are still at a level that enhances home affordability and does not seem to be negatively influencing home sales.
The inventory of homes for sale as of January 31 continued its year-over-year declining trend to 8,580 from 9,451 a year ago, down – 9.2%. January inventory decreased – 2.0% compared to December 2013. This means that homes for sale, if priced competitively and are move-in ready, are in a position to sell faster.
The Greater Cincinnati housing market is very stable and will continue to improve at a moderate rate. Our low inventory coupled with relatively stable, low interest rates and increasing demand, has pushed the average price higher.
If you know of anyone that is thinking of moving this year, have them contact Rick Finn 513-702-4090.