Local Realtors sold 1,854 homes in July, and 11,371 the first seven months of the year. July sales represented the second best month of the year, relative to last year sales.

Nationwide, July home sales seasonally adjusted were up 3.1% from June, but off 13.2% from a year ago. With the new $7,500 housing tax credit in place for first-time buyers, that should stimulate sales during the remainder of the year.

Inventory of homes for sales locally stands at 16,689, which represents 9 months of inventory. That’s down from last July’s 17,880, which is improving news for sellers. A balanced market – equally good for buyers and sellers – is 5-6 months.

The average selling price in Greater Cincinnati last month – at $181,259 – dipped 3.84% from a year ago. Mortgage rates remain favorable locally, as they have all year. A conventional, fixed rate loan in July averaged 6.60%. That compares to 6.56% the same period one year earlier. It’s now 6.68%

“While sales are off somewhat in the area, it’s a whole lot better than some parts of the nation,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors.“For the year, we’re off 16.9%. Sales in parts of Florida, Nevada and California are off over 30%.”

Schlosser said the current housing market is excellent for buyers, due to a good inventory of homes to choose from, favorable prices, and attractive mortgage rates.

Tags: Cincinnati, real estate sales, tax credit