Home Sales
12:20 pm
Fri February 21, 2014

Cincinnati home sales down, Northern Kentucky up in January

Like the national housing market, home sales in Cincinnati declined last month.  The Cincinnati Area Board of Realtors said closings fell a little more than 7 percent in January compared to a year earlier.  It's the first time in more than two years the local market has experienced a drop in closings.

Board president Ken Parchman compares it to the stock market.  "Our home sales activity will experience occasional dips as we continue our upward growth," he said in a statement.

The CABR reports the average selling price last month continued to go up.  It was $150,908 compared to $138,952 a year earlier, about a 9 percent increase.

"The Greater Cincinnati Housing market is very stable and will continue to improve at a moderate rate," said Parchman.  "Our low inventory coupled with relatively stable, low interest rates and increasing demand, has pushed the average price higher."

January was a strong month for Northern Kentucky where, despite the severe weather this winter, home sales rose almost 14 percent. 

A statement from the Northern Kentucky Association of Realtors notes that optimism abounds among local realtors:  "We are excited to see that NKY housing is still gaining momentum in 2014 after a great 2013, which was our highest year for home sales in the last six years."

NKAR reports the average sale price was off about 4 percent in January, but it's expecting prices to heat up once the spring selling market arrives.  The average price last month in Northern Kentucky was $134,285 dollars compared to $139,618 in January 2013.