Press Release Cincinnati Area Board of Realtors®
The following press release was sent to the local media today at 10:45 a.m. October 25, 2010
Contact: Tim Mahoney, CABR President, 513-793-2700 [office], 673-6103 [cell]
Gene Snavley, CABR Exec.Vice President, 543-2211 [cell]
1,279 Homes Sold in September;
13,468 Homes Sold First 9 Months of 2010
A total of 1,279 homes were sold (closed) by Realtors in Southwest Ohio last month. That brings
to 13,468 the number of homes sold year-to-date through September.
Year-to-date, sales volume totaled $2.147 billion. That compares to $2.137 billion the same
period one year earlier.
Last month’s home sales continued a 3-month slowdown, following the 4-month acceleration of
sales through June 30. On June 30, a federal income tax credit up to $8,000 largely ended for first-time
buyers and some repeat buyers. Sales from March through June 2010 advanced 20% from the same
4-month period in 2009.
“It stands to reason that if a number of typical summer home buyers moved up to spring buying
(due to the tax credit advantage), it would probably hamper summer sales,” said Tim Mahoney, president
of the Cincinnati Area Board of Realtors.
Mahoney said today’s buying -- after the tax credit period -- reflects more move-up buyers than
first-time buyers. “We’re still selling to many first-timers, but not at the same level of total sales.”
For persons buying today, they are in a fortunate situation of attractive home prices and record low
mortgage rates. “The idea of someone being able to get a 4.35% (average) home loan is mind boggling,”
said Mahoney. “It compares favorably to persons buying a year ago when rates were 5.23%, or two years
ago when they were 6.91%.”
A lower mortgage rate equates to a lower monthly housing payment. That increases home
affordability.In addition, local buyers have a housing cost advantage: In the region, the median-priced home
sold last month was $125,188. Nationwide, it was $171,700.
Mahoney said that even though the Cincinnati area is more affordable, home sellers still need to
set realistic prices on their homes for sale. He said that with the local, “houses-for-sale” inventory of
11.47 months -- based on the number of sales last month -- it means that buyers have the advantage in
negotiating price. In general, more than six months worth of inventory favors buyers; a lower number
favors sellers. It’s all about supply (number of homes for sale) and demand (number of buyers).
Mahoney said that housing sales will move forward, but a stronger jobs market is needed to put
housing back on track for yearly gains.
September home sales
Summary of Single Family and Condominium Sales
Multiple Listing Service of Greater Cincinnati
Cincinnati Area Board of Realtors®
| || Closings || Gross Volume || Average Price|
| Sept. 2010|| 1,279|| $200,598,739|| $156,840|
| Sept. 2009 || 1,832|| $279,675,266|| $152,661|
| Variance|| -30.19%|| -28.27%|| +2.7|
Year-to-Date Home Sales
| ||Closings ||Gross Volume || Average Price|
|Jan-Sept. 2010 || 13,468 || $2,147,409,389 || $159,445|
|Jan-Sept. 2009|| 14,157 || $2,137,115,393 || $150,958|
|Variance|| 4.87%|| +0.48%|| +5.62%|
Nationwide, September home sales were up 10% from August on a seasonally adjusted
basis, but down 19.1% from September 2009.
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