Posted on: June 22nd, 2020 by Andrew Clark, Click Here for full article
May Home Sales Down as Anticipated Avg. Price Up Over Prior Year for 14th Straight Month
It was anticipated that 2020 May home sales would be down due to the Ohio stay-at-home order. They were down – 26.88% compared to a near record May a year ago. Home sales this month were 1,950 compared to 2,667 in May 2019.
“May Home sales were expected to be down under the current COVID restrictions,” said Kelly Meyer, President of the Cincinnati Area Board of Realtors. “However, real estate in this market has remained strong and very active. Our moderate weather, low interest rates, reasonable prices and a constantly rotating inventory keeps Cincinnati amongst the most affordable places nationwide to live,” said Meyer. “Showing activity (appointments to see a home) provides us with an early indicator to future home sales in our area. Showing activity, in May, rebounded to pre-shutdown levels. This indicates buyers and their Realtors are looking and buying homes. If you want to buy or sell, now is the time to get involved.”
The May average home price climbed to $238,994 compared to $231,499 a year earlier, a + 3.2% increase. At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend, dropping from 4,188 a year ago to 2,758 in May 2020, down – 34.2 %.
“Our inventory levels appear to be leveling off in 2020. A strong, active market proves that there are plenty of buyers in the market ready to jump at great opportunities. 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 May averaged 3.15% for a 30-year fixed rate loan. The rates were down compared to 3.99% 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 $430.
“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, April home sales were down – 9.7 % compared to March on a seasonally adjusted basis and were down – 26.6% from April 2019.
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