Average Price Up Over Prior Year for 16th Straight Month
Press release from the Cincinnati Area Board of REALTORs
July 2020 home sales broke the record for the most home sales of any July ever. Average sales and median pricing continue their ongoing increase. Closings in July were up 10.9% against a strong July 2019 with total sales volume up 21.93%. July 2020 home sales were 2,825 compared to 2,547 in July 2019.
“We anticipated July closings to be up, but REALTORs were surprised by the intense volume of sales activity which stemmed from low inventory, low interest rates and the number of buyers,” said Kelly Meyer, President of the Cincinnati Area Board of REALTORs. “Real estate in this market has remained strong and very active. Cincinnati is amongst the most active real estate markets in the nation, mainly due to its affordability and low interest rates,” said Meyer. “We are in unique times with such a pent-up demand for housing. If you want to buy or sell, now is the time to get involved.”
The July average home price climbed to $264,286 compared to $240,410 a year earlier, a +9.9% increase. At the same time, the inventory of homes for sale, as of July 31, continued its year-over-year declining trend, dropping from 4,497 a year ago to 2,416 in July 2020, down –46.3%.
“In our strong, active market there are plenty of buyers 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 July averaged 2.99% for a 30-year fixed rate loan. The rates were down compared to 3.75% 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 $421.
“REALTORs 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.