April home sales in Greater Cincinnati were strong, and average sale price increase is even stronger! Last month was the second highest April in the past nine years. It is exciting to see home buyers back in the market, ready to buy! With the interest rates remaining low and our current local economy staying strong, the real estate market is very active. We would love to see more sellers get in on the action. If you own a home, you may want to call us to get an updated estimate on the value because of the rise in recent sale prices.
The April average home selling price climbed to $172,143 vs. $166,513 a year earlier, which is a + 3.4% increase. The average price has increased year-over-year for 38 consecutive months. At the same time, the inventory of homes for sale as of April 30 continued its year-over-year declining trend to 8,295 from 9,232 a year ago, down – 10.2%.
Local home mortgage rates in April averaged 3.86% for a 30-year fixed rate loan. The rates were higher at 4.24 a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $469. The inventory of homes for sale continues to be at an all-time record low, and with the interest rates remaining low, these are the driving forces behind the increase in home prices. This continues to be the best time to put your home on the market.
If you are looking for a home or if you would like to know the current value of your home, please contact the Finn Team: