Local market gaining steam
As highlighted in last month's newsletter, we are seeing positive trends develop in inventory and number of sales that run somewhat counter to the larger national trends.
Local Realtors sold 1,635 homes last month, marking the third consecutive month of increased sales this year. The inventory of unsold homes also improved, shrinking to 9.49 months compared to 9.75 months from March and 13.31 months from January (a balanced market is around 5 - 6 months inventory).
2008 Home Sales Inventory
January 1,130 13.31
February 1,334 11.32
March 1,556 9.75
April 1,635 9.49
Nationwide, April home sales seasonally adjusted were down 1% from March. They were off 17.5% from a year ago. Perhaps Cincinnati is a forerunner for an improving market?