Ohio Mortgage Loan Activity Slows Around Cincinnati Housing Market

April home sales in the Greater Cincinnati housing market took a double-digit drop from year-ago numbers, while they also remained down in Northern Kentucky.
Although the number of units sold in Cincinnati inched up in April compared to the month before, they were down 11.5 percent from April 2006, the Cincinnati Area Board of Realtors reported.

In April, 1,961 homes were sold, compared to 2,215 in the same 2006 month. The average sale price was $170,560, up slightly from $170,229 a year ago. Gross volume dropped to $334.5 million from $377.1 million.

Year to date, 6,793 homes have been sold compared to 7,595 in the year-ago period, the average sale price has dropped to $166,811 from $171,480 and gross volume has declined to $1.1 billion from $1.3 billion. This could change, though, as Ohio mortgage borrowers are likely to be more active as long as price remain affordable.

In the Northern Kentucky housing market, 535 homes were sold in April versus 592 in the same period last year, while the average sale price rose to $154,416 from $150,264, according to the Northern Kentucky Multiple Listings Service. Total sales volume was down to $82.6 million from $89 million a year ago.

From January through April, 2,115 homes have been sold, versus 1,869 in the same 2006 period, the average price has risen to $157,802 from $153,920, and the total volume has fallen to $295 million from $325 million.

The average rate for a 30-year fixed-rate mortgage loan is 6.28 percent, compared to 6.64 percent at this time last year, the Cincinnati Area Board of Realtors said.