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.
For the 26th straight month Cincinnati homes sales have continued to climb. In August they were up 24% when compared to the same month last year. President of the Cincinnati Area Board of Realtors Kevin Kelly says, "Our local housing market is very active and properties that are in good condition and are prices right seem to be selling quickly."
Cincinnati home sales reached a six-year high last month. The Cincinnati Area Board of Realtors says January closings rose 30 percent compared to a year ago.
Board president Kevin Kelly says the continued upward momentum of Cincinnati home sales is a strong indicator the local economy is recovering. He says mortgage rates are maintaining their historic lows, the inventory of homes remains low and the number of buyers looking for a home is increasing, all factors that will help the local housing market.