May 2014 recorded the second highest number of May closings in the past 7 years. We have seen it here at The Finn Team, and it seems to be a city-wide trend according to the Board of Realtors in the Greater Cincinnati area. The May average sale price climbed 4.1% compared to last year. The average sale price has increased year-over-year for 27 consecutive months. At the same time, the inventory of homes for sale as of May 31st, continued its year-over-year declining trend with a 7.4% decrease in inventory compared to a year ago. Local home mortgage rates in May averaged 4.13% for a 30 year fixed rate loan, which is still at a great level that makes purchasing a home very affordable. Our Cincinnati market is maintaining its upward momentum as it continues its recovery. Lower inventory levels, along with high buyer activity and relatively stable interest rates will continue to push prices higher.
Feel free to contact us for specific information on your home or home purchase. We stay on top of the statistics and trends in order to best advise our clients, whether they are looking to Buy or Sell a home in the Cincinnati area.