Sales of homes in April throughout the Cincinnati region remained strong, but could not maintain a record-setting pace, according to the latest data from the Cincinnati Area Board of Realtors.
Home sales this month numbered 2,119 compared to 2,362 in April 2016, down 10.29%.
"Even though inventory remains low, 2017 home sales remain strong," David Welch, president of the Cincinnati Area Board of Realtors, said in a statement. "The real estate market is not showing any signs of slowing down and will probably continue at this pace for some time."
The average home price climbed to $204,254 compared to $186,436 a year earlier, a 9.56% increase.
At the same time, the inventory of homes for sale, as of April 30, continued its year-over-year declining trend to 4,885 from 6,436 a year ago, down 24.1%.
"The average price of homes set a new record for the month of April, extending our consecutive record months of average home sale prices to eleven," Welch said. "Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly."
Butler County home sales fell from 491 in April 2016 to 388 this April, an almost 21% drop. Average home price increases from $168,998 in April 2016 to $184,852 this April, a nearly 9.4% increase.
Warren County homes sales dipped slightly, going from 294 in April 2016 to 287 this April, a 2.4% drop. Meanwhile, average home price increased from $233,892 to $260,338, an 11.3% increase.
Nationwide, April home sales were down 2.3% from March on a seasonally adjusted basis and were up 1.6% from April 2016.
