April Home Sales Rebound Average Price Climbs

April Home Sales Rebound Average Price Climbs

2019 April home sales rebounded, up + 6.5 % over last year’s levels, compared to April a year ago.  Home sales this month were 2,370 compared to 2,225 in April 2018.
“Home sales this month rebounded nicely, bringing our year-to-date sales just about 100 sales short of a very strong 2018,” said Michelle Billings, President of the Cincinnati Area Board of Realtors. “We are well into the Spring Market. Low interest rates coupled with a growing number of potential buyers, this is an opportune time to sell your property or buy your dream home,” said Billings.
The March average home price climbed once again to $222,036 compared to $215,653 a year earlier, a  + 2.96 % increase.  At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend, dropping from 4,275 a year ago to 3,942 in April 2019, down – 7.8 %.
“For a property in move-in condition and priced reasonably in today’s market, we are still seeing multiple offer situations,” said Billings.  Don’t be too concerned with a low inventory.  This just means that as sellers list their property, they tend to be selling quickly.  With low interest rates, unemployment at or near the national average, the influx of good-paying technical jobs and very affordable housing, Greater Cincinnati is a great place for anyone to live and work.
Local home mortgage rates in April averaged 4.06% for a 30-year fixed rate loan.  The rates were down compared to 4.44% 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 $481.

Nationwide, April home sales were down -0.4% compared to March on a seasonally adjusted basis and were down -4.4% from April 2018.

Information courtesy of Andrew Clark Greater Cincinnati MLS