Tuesday, July 23, 2013

Area home sales up for 24th straight month

Cincinnati area home sales over the first six months of 2013 increased by 21 percent compared to the first six months of 2012, and June 2013 sales are up 21.5 percent compared to June 2012, according to new numbers from the ‎Cincinnati Area Board of Realtors (CABR).

Home sales are also up 2.3 percent compared to last month's, making June the 24th consecutive month of increased sales. Nationally, seasonally adjusted home sales declined by 1.2 percent, largely due to the effects of rising mortgage rates in some of the country's more expensive markets.

The inventory of homes for sale continues its decline, down 11 percent since one year ago.

"Even though the interest rates have increased a little recently, the rates are still very low and provide great affordability," said Kevin Kelly, president of CABR, in a prepared release. "With inventories remaining low, interest rates creeping upward ever slightly, and plenty of buyers who are looking for the perfect home, now is the time for sellers to list their property with a realtor."

CABR also reports that the average home selling price last month was $189,239, an 8 percent increase over June 2012.