Posted on: September 22nd, 2020 by Andrew Clark, Click Here for Full Article
August Home Sales Continues Momentum Avg. Price Up Over Prior Year for 17th Straight Month
August 2020 home sales continued its upward momentum. Average sales and median pricing continued their ongoing increase. Closings in August were up 7.2% against a strong August 2019 with total sales volume up 22.52%. August 2020 home sales were 2,742 compared to 2,558 in August 2019.
“The current real estate market in Cincinnati is “HOT” based on the volume of sales activity which is a result of low inventory, low interest rates and the number of buyers,” said Kelly Meyer, President of the Cincinnati Area Board of Realtors. Cincinnati is amongst the most active real estate markets in the nation, mainly due to its affordability and low interest rates,” said Meyer. “We are in unique times with such a pent-up demand for housing. If you want to buy or sell, now is the time to get involved.”
The August average home price climbed to $258,269 compared to $225,955 a year earlier, a + 14.3% increase. At the same time, the inventory of homes for sale, as of August 31, continued its year-over-year declining trend, dropping from 4,630 a year ago to 2,409 in August 2020, down – 48.0 %.
“In our strong, active market there are plenty of buyers ready to jump at great opportunities and they are! Our inventory turns constantly. Newly listed properties in “Move in-ready” condition continue to sell quickly, many with multiple offers.
Contact a REALTOR and work with them to prepare your home to sell. REALTORS have been trained to help you through the home selling and buying process during these challenging times.” Meyer said.
Local home mortgage rates in August averaged 2.99% for a 30-year fixed rate loan. The rates were down compared to 3.75% 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 $421.
“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Meyer.
Nationwide, August home sales were up + 2.4 % compared to July on a seasonally adjusted basis and were up + 10.5 % from August 2019.
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