1,123 Homes SOLD in January!

Cincinnati Area Board of Realtors Press Release
February 25, 2008

Average Price Off Only 2%!

A total of 1,123 homes were sold locally last month at an aggregate $171.4 million. Average selling price was $152,600. “Despite 18% fewer sales than the same period one year ago, things are looking up,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors. “There is much more Open House activity since the first of the year. That should bode well for the upcoming spring market.”

The average selling price is 2% off from a year ago. That’s not bad, considering the total sales activity includes a number of foreclosed homes, which often times sell for less than comparable neighborhood home sales.

Nationwide, January home sales were off .4% from December, seasonally adjusted. They were off 23.4% from a year ago. “Buyers today continue to be in the driver’s seat,” said Schlosser. “They have multiple homes to consider in their price range, home prices are attractive, and mortgage interest rates remain favorable.”

She said local buyers’ understanding that homeownership is a sound, long-term investment will help escalate buying activity. She reported that in some instances there have been recent cases of multiple offers on the same property for sale. That shows buying demand is climbing. In addition, increased limits -- beginning next month for FHA financing – should spark higher home sales as the year goes on.

New FHA Loan Limits by March 14th

There will be new FHA maximum loan limits within 30 days, thanks to the Economic Stimulus package that will be signed into law by President Bush on Feb. 13.

The National Association of Realtors® has developed an “estimated” amount of the new loans for each county in the USA. We repeat, these are estimates. HUD has 30 days after the President signs the legislation into enactment to finalize the new FHA loan limits. Thus, it may not be until March 14 that the new limits are published.

Also, these are for loans approved on or before Dec. 31, 2008. If the new limits aren’t extended by then, the existing loan limits may be back in place.

Jumbo loans, accepted by Fannie Mae and Freddie Mac, will remain at $417,000.

Here are the new “estimated” FHA loan limits for the area:

Ohio counties: New limit

Hamilton, Clermont, Butler, Warren……………..$337,500

January Sales Improving!

Press Release - Cincinnati Area Board of Realtors®

December New Pending Sales Off; January Improves Considerably

December new pending sales, year-over-year, slipped 17.2% locally, but improved to off only 4.1% last month. Nationally, December year-over-year pending sales were off 24.1%.

Pending home sales in southwest Ohio and southeast Indiana in December were as follows:

Pending sales Dec. 2007 1,341
Pending sales Dec. 2006 1,619

Local Variance -17.2%
Nationwide Variance -24.1%

Pending sales are contracts written, but not yet closed. Closings typically occur 30-45 days after contracts are accepted, with the exception of cash transactions, which close faster.

“The good news is that the number of January 2008 new pending sales have improved substantially,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors. “January pending sales, off only 4.1%, is certainly a stride in the right direction.”

Schlosser said that buyer activity for showings has picked up measurably over the past month. That bodes well for current and future sales activity. The spring market typically is the strongest period of the year.