Some of the good news at both the local and national levels include:
- The inventory vs. sales rate in Cincinnati dropped to 7.2 months. This is the first time the monthly rate has been below the previous year since 2006. In fact, the rate was actually lower than the June 2007 rate.
- June 2009 sales volume was higher than June 2008 volume. The first year over year volume increase in 37 months.
- Nationally, median housing prices had their first month over month increase in over 3 years.
- New home construction had an 11% increase over the previous month.
- Distressed property sales are still an outsized portion of the market and are likely to remain so for the foreseeable future.
- Average sales prices were still down year over year. 15% lower than this time last year (again, an attribute likely accountable to foreclosures and other distress sales). On a national level that figure was 17% lower, but also less of a decrease than seen in earlier months.
- There's some reasonable expectation the market will get temporary support through the end of the year by first-time buyers taking advantage of the tax credit along with efforts to keep mortgage rates very low. No one knows quite what to expect if and when those elements go away.
For charts of June's statistics, see the links below