Greater Cincinnati and Northern Kentucky homes sales are still down by double digits year over year, but some positive trends are surfacing.
The Cincinnati Area Board of Realtors reported that 1,635 homes were sold in April, down 17 percent from 1,968 in April 2007. Gross volume fell 26 percent, to $249.3 million from $335.8 million, while the average sale price was down 11 percent, to $152,471 from $170,625.
The organization noted, however, that the number of home sales has risen for three consecutive months, while the inventory of unsold homes has diminished, to 9.5 months of inventory in April from 13.3 months in January.
Year to date, home closings fell 17 percent, to 5,655 from 6,805. Gross volume was down 22 percent, to $883.7 million from $1.13 billion a year ago. And, the average sale price dropped 6 percent, to $156,271 from $166,826.
Across the river, the Northern Kentucky Multiple Listing Service said 454 homes were sold in April, down 17 percent from 547 in April 2007. Total volume decreased almost 8 percent, to $77.6 million from $84.2 million in the year-ago period.
But the average sale price rose 11 percent, to $170,830 from $153,894, the multiple listing service said in a news release.
For the first four months of 2008, home sales in Northern Kentucky were down almost 14 percent, to 1,643 from 1,901 in the same period a year ago. Total volume was down 5 percent, to $284.4 million from $299.7 million, while the average sale price was up almost 10 percent, to $173,092 from $157,635.
The average mortgage interest rate in April was 6.14 percent, down from 6.33 percent a year ago, the CABR said in a release.
