Home sales took another deep dive across the region in March - falling nearly 20 percent compared with the same month in 2007, according to data from local boards of Realtors.
All told, 2,072 homes were sold last month in Southwest Ohio, Northern Kentucky and Southeast Indiana - a decline of 19.6 percent over March 2007 sales activity.
The region's average sale price for a home also dipped in March, dropping 3.3 percent to $164,541.
Year-to-date through the end of March, home sales were down 17.1 percent and the average price dropped 4.7 percent to $165,281, compared with the same period of 2007.
The local decline was in step with the national average sales pace. Sales were off 19.3 percent in March across the U.S., according to the National Association of Realtors.
The median sales price - the point at which half the homes sell for more and half sell for less - also slipped nationally last month, falling 7.7 percent, to $200,700, over last March, according to the NAR.
Locally, Greater Cincinnati saw the greatest decline in median sale price, with a 4 percent drop to $129,650 in March, according to the Cincinnati Area Board of Realtors. The local industry trade group collects data representing roughly 80 percent of the region's market.
Year-to-date through the end of March, the median sale price in Greater Cincinnati fell 6.8 percent to $123,500.
In Northern Kentucky, the median price remained relatively unchanged in March at $137,000.
Year-to-date through the end of March, the median price dropped 1.7 percent to $135,000, according to the Northern Kentucky Multiple Listing Service. Median prices were not available for the Indiana market.
Across the nation and locally, Realtors and housing officials have begun calling for home-buyer tax credit programs to help boost the slumping housing market. Despite interest-rate cuts, a new set of lending problems has emerged in some parts of the country in light of the fallout of the subprime lending crisis, NAR president Richard F. Gaylord said. "It appears there is some overreaction on the part of some lenders now in requiring higher down payment percentages than may be necessary," he said.
However, Karen Schlosser, president of Cincinnati Realtors' group, said that doesn't seem to be the case locally. However, she said, "There's no doubt that there's been a change in underwriting guidelines to correct the situation that had been occurring, and to me it's been a very responsible move on the lenders' part."
With the spring home-selling season under way, Schlosser said the local market remains favorable for buyers.
In March, the Federal Housing Administration approved new lending guidelines - raising the maximum FHA lending amount for a single-family home to $337,500 from $256,500.
"Local buyers have a threefold window of opportunity: an ample supply of homes for sales, attractive home prices and low mortgage rates," Schlosser said.
"Fence-sitters who wait too long may lose some of that opportunity."
See the original article at:http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080423/BIZ01/804230377/1076
