We thought you might find this interesting.....From a press release dated November 28....
Local home sales closed in October totaled 1,736 units -- off 12.28% from a year ago -- but 1.28% better than September's 1,714 sales -- according to the Cincinnati Area board of Realtors.
Pending sales reported in the area for October were at the 1,814 level, only 7.78% off that same mark one year ago, and an 11.36% improvement over September's 1,629 figure. Pending sales are accepted contracts that normally close within the next 30-45 days.
Nationally, October
home sales were off 1.2% from September on a seasonally adjusted basis, and 20.7% less than a year ago.
Average seleling price in the Cincinnati area last month was $166,562, down 2.52% from $170,868 a year earlier, but 1.20% better than September's average selling price of $164,579.
The local inventory of unsold homes stands at 9.83 months, an improvement over the preceding month's 10.27 figure. A lower number is better. Nationally, it is now 10.8 months. A balanced market - favorable to buyers and sellers - is 5 to 6 months of inventory.
"Inventory of homes for sale continues to be our major concern" saud Tom Steele, president of the Cincinnati Realtor Board. "The fact that we've had six straight months of fewer new listings of homes for sale compared to the comparable period one year ago is a positive trend toward improving the inventory-to-buyers situation."
Steele also said that lower mortgage rates are in a buyer's corner. Rates on a 30-year fixed rate loan have decreased recently.
Looking at the nationwide subprime martgage matter - loans made to buyers with marginal credit - only 2.7% of these mortgages comprise total mortgage dollars. "Unfortunately, the housing market natiionwide is preoccupied with subprime mortgage headlines," said Steele. "But when taken in the overall context of mortgages, subprime is a small part of total mortgage activity. The housing market - down somewhat now - will improve over time as the enlarged inventory situation shrinks."