Tuesday, November 24, 2009

Home Sales UP in Cincy Area

Home Sales Up 5 Months in a Row -

October Strongest % Gain This Year

Local home sales -- for the fifth month in a row -- surpassed sales activity from a year ago.
Sales last month totaled 1,724 homes, up 15% from last October. It was the strongest
year-over- year return for any month this year.

Nationally, home sales increased 23% from a year ago.

The federal tax credit for first-time buyers continued to be the positive “shot in the arm” for
buying last month. That program was set to expire Nov. 30.

Other factors for the October gain included low mortgage rates and a favorable inventory of
homes from which a buyer could select. Mortgage rates for a 30-year fixed rate loan now average
5.07%. A year ago it was 6.31%. Lower mortgage interest costs a homeowner less each month in
housing payment.

Congress recently extended and expanded the tax credit program for home purchases made by
April 30, 2010 and close by June 30. The enhanced program continues with a tax credit up to $8,000 for
first-time buyers, but also $6,500 for current homeowners who buy between now and April 30.

Inventory of homes for sale currently is at 7.48 months compared to 10.28 months a year ago. A
balanced market – for buyers and sellers -- is from 5 to 6 months.

*Source: Cincinnati Area Board of Realtors

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