Tuesday, July 1, 2008

July Market Watch

Positive trends continue into May

The Cincinnati market continues to show resilience in the face of larger economic pressures.

Following is an excerpt From the Cincinnnati Area Board of Realtors June 26th Press Release:

"Local Realtors sold 1,913 homes last month, marking the fourth consecutive month of increased sales this year. The inventory of unsold homes also improved, shrinking to 8.38 months compared to 9.49 months in April, 9.75 months in March, 11.32 months in February and 13.31 months in January.

Months of
2008 Home Sales Inventory

January 1,130 13.31
February 1,334 11.32
March 1,557 9.75
April 1,636 9.49
May 1,913 8.38

The average price of a home sold in May was $168,833. That compares to $152,419 the previous month and $176,726 a year earlier.

The local housing affordability index is 216%. An index of 100% means a family with a median income can afford to buy a median-priced home with a 20% down payment and a 6.35% mortgage. Anything over 100% is favorable. In Ohio, the affordability index is 188%. Nationally, it is 132%. The higher the number, the better."

No comments: