Statewide, the Cincinnati region posted the second highest average selling price last month. Columbus was highest at $168,576. Dayton was at $125,236; Cleveland/Akron $118,016, and Toledo

$104,146.

In comparing month-over-month, May sales were down 13.7% from a year ago. For the first five months, sales were off 14.6% from the same period one year ago. Nationwide, seasonally-adjusted home sales climbed 2.4% in May over April.

“The public continues to buy homes despite a soft economy” said Paul Jacob, president of the Cincinnati Area Board of Realtors. “That’s because continued home buying is a testament to asset building.” Mortgage rates near 5.7% remain favorable, Jacob added. “It’s not as low as two months ago at
5.2%, but it’s better than a year ago when mortgage rates were at 6.7%.”
Inventory of homes available for sales is another plus for buyers. Current inventory is 8.48 months of homes for sale. Last month it was 9.96 months. A year ago it was 8.35 months. A lower number means greater demand for current inventory. A balanced market for buyers and sellers is around six months, and that’s why a buyers’ market still exists.

The current $8,000 tax credit for persons who buy a home that haven’t owned a home in the past three years is another part of a buyer’s current-day advantage. That program expires Nov. 30. Jacob said home buying should continue to improve, as buyers realize that sitting on the fence too long simply delays asset wealth building. Bargains exist today, and smart buyers are doing just that buying smartly.

Freddie Mac released the results of its Primary Mortgage Market Survey®  in which the 30-year fixed-rate mortgage averaged 4.78%. The 30-year fixed rate mortgage has not been lower in the life of Freddie Mac’s weekly survey,dating back to 1971 for the 30-year fixed rate mortgage.

According to  the National Association of Realtors, housing affordability reached an all-time high in February 2009 since the series’ inception in 1971. By region, sales surged by nearly a third in the Northeast and Midwest, but fell in the West. More good news for Cincinnati homebuyers and sellers looking to make a move!

For a free market analysis of what homes are selling for in your neighborhood or a neighborhood you are looking to move to. Please email or call me.