Press Release: Cincinnati Area Real Estate February Sales update

Press Release

Cincinnati Area Board of Realtors®

The following press release was sent to the local media today at 10:20 a.m.

March 21, 2012

 

Contact:          Tom Hasselbeck, CABR President, 513-829-0044 , 513-607-3868 [cell]

Gene Snavley, CABR Exec.Vice President, 513-543-2211 [cell]

 

Home Sales Up 18.6% in February;

Year-to-Date Sales Up 15%

Local home sales in February – for the 8th consecutive month – improved over a year ago. Sales in February totaled 1,155 units, an 18.58% gain over the same month a year ago when 974 homes were sold.

“Mortgage rates remain at historical lows, the housing inventory is increasing and the mild winter were all contributing factors that helped prospective buyers to stop looking and buy,” said Tom Hasselbeck, president of the Cincinnati Area Board of Realtors. An improving job market has boosted optimism.  Favorable stock market activity also has been a plus for consumer confidence, he added.

Local mortgage rates in February averaged 3.91%.  That’s down from 5.04% a year ago.  This week, they’re at 4.05%.

Average home sale price last month was $130,087, down -9.01% from a year earlier. “This is a result of buyers continuing to take advantage of lower-priced, lender-owned and short sale property,” said Hasselbeck.  “We are, however, beginning to see increasing numbers of sellers put their homes on the market where a lender is not involved, which is a positive thing.”

Nationwide, February home sales were down 0.9% from January on a seasonally adjusted basis, but up 8.8% from February 2011.

January and February generally are the weakest sales months of the year. This year, however, the first two months have been very strong.  This is a great start to what looks to be a very positive 2012 for home sales with an improving economy.

The NAR Housing Affordability Index recently reached an all-time high of 206.1, in January.  An index of 100 means that a family with a median family income is able to afford a median priced home with a 20% down payment. The higher the index number, the greater the household can afford.  “Our current local market affordability is over 300,” said Hasselbeck. “This means that when you combine the low interest rates, higher consumer confidence and great housing values, now — more than ever — is a great time to buy,” said Hasselbeck.

 

 

 

— more on page 2 –

 

Page 2 of 2

February Home Sales

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of Realtors®

 

February Home Sales

                                                            Closings          Gross Volume         Average Price          

Feb. 2012                     1,155              $150,250,634              $130,087

Feb. 2011                        974              $139,254,156              $142,971

Variance        +18.58%                        +7.90%                 -9.01%

 

 

Year-to-Date Home Sales

 

                                                            Closings          Gross Volume          Average Price         

Jan-Feb. 2012                2,151             $287,684,291             $133,744

Jan-Feb. 2011                1,871             $266,514,278              $142,445

Variance         +14.97%                      +7.94%                 – 6.11%

 

 

Nationwide, February home sales were down 0.9% from January on a seasonally

adjusted basis, but up 8.8% from February 2011.

Advertisements

The URI to TrackBack this entry is: https://homefindernetwork.wordpress.com/2012/03/22/press-release-cincinnati-area-real-estate-february-sales-update/trackback/

RSS feed for comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: