Real estate sales continue to grow in Cincinnati, according to the recent sales number from the local Cincinnati Area Board of Realtors (CABR). Highest number of July home sales ever!
High Demand for Real Estate + Few Homes For Sale = Improved Numbers
Home sales in Greater Cincinnati climbed to a record number for any July, up + 9.0%, compared to a year ago. Homes sold (closed) last month were 2,582 compared to 2,370 in July 2014. 2015 is on course to being a banner year for home sales. Low interest rates and pent up buyer demand due to low inventory are important factors driving the market.
The July average home price climbing to $189,900 vs. $185,869 a year earlier, a + 2.2% increase. The average price has increased year-over-year for 41 consecutive months. At the same time, the inventory of homes for sale, as of July 31, continued its year-over-year declining trend to 8,800 from 10,220 a year ago, down – 13.9%.
Demand for good, quality homes is still high, especially with our current supply of homes for sale at only 3.4 months. This means that at our current rate of sales, our current inventory of homes would be completely sold in a little over 3 months. An average, normal market carries an inventory between 5-6 months. Thus, this higher demand results in higher prices
If you are looking for more information about the local Cincinnati real estate market, please reach out to us:
Finn Team | firstname.lastname@example.org | 513.533.8081