Home Sales Drop in Cincinnati and Northern Kentucky

The cooling housing market got a little chillier in November for Greater Cincinnati and Northern Kentucky.

“Mortgage rates are attractive, there is an ample supply of homes for sale and the job market is good,” said Dave Otto, president of the Cincinnati Area Board of Realtors. “We’ll just have to see if the market resumes its normal upward trend in January.”

In November, the Cincinnati area saw 1,708 home closings, compared to 1,975 in November 2005, a 13.5 percent drop. The average sale price fell to $173,593 from $183,212, and gross volume was down 18 percent, to $296.5 million from $361.8 million.

Year to date, 23,526 homes have been sold, versus 24,781 in the year-ago period. Potential buyers are waiting for prices to fall before they commit to an Ohio mortgage it appears.
In the Northern Kentucky housing market, 494 homes were sold during the month, compared to 507 in November 2005. The average price rose to $158,910 from $151,507 a year ago, and the total volume jumped to $78.5 million from $76.8 million.

Year to date, 6,300 houses were sold, versus 6,470 for the first 11 months of 2005. The average price rose slightly, to $156,478 from $155,248, but total volume fell over the period, to $985.8 million from $1 billion.