- Sales from January to April are up 8.34% over last year
- Total dollar volume of Cincinnati MLS sales through April is up 21.98%
- The local inventory to sales rate fell to 7.52 months, the lowest April rate since 2006.
- Nationally, new home sales increased 14.8% and the inventory of new homes fell 5.8%
- Pending sales rose 5.3% nationally
- The median sales price increased to $173,100 nationally, $150.3K locally.
But with all the feel good news, there are telling signals that the road to a stable housing market will be bumpy. Some of the caution flags include:
- The inventory level inched back up. If pending sales drop off after April, we are likely to see the absorption rate move back higher and increase the duration that homes are on the market.
- Although housing starts increased, building permits, a forward looking indicator of construction activity, declined 11.5% from March.
- Foreclosures and delinquencies continued to increase. While we may be nearing a peak, this will also continue to pressure prices. (One positive - a lot of investors are snapping up properties at the low end which creates a pricing floor while clearing inventory.)