October 25, 2010

Contact: Tim Mahoney, CABR President, 513-793-2700 [office], 673-6103 [cell]

Gene Snavley, CABR Exec.Vice President, 543-2211 [cell]

A total of 1,279 homes were sold (closed) by Realtors in Southwest Ohio last month. That brings

to 13,468 the number of homes sold year-to-date through September.

Year-to-date, sales volume totaled $2.147 billion. That compares to $2.137 billion the same

period one year earlier.

Last month’s home sales continued a 3-month slowdown, following the 4-month acceleration of

sales through June 30. On June 30, a federal income tax credit up to $8,000 largely ended for first-time

buyers and some repeat buyers. Sales from March through June 2010 advanced 20% from the same

4-month period in 2009.

“It stands to reason that if a number of typical summer home buyers moved up to spring buying

(due to the tax credit advantage), it would probably hamper summer sales,” said Tim Mahoney, president

of the Cincinnati Area Board of Realtors.

Mahoney said today’s buying -- after the tax credit period -- reflects more move-up buyers than

first-time buyers. “We’re still selling to many first-timers, but not at the same level of total sales.”

For persons buying today, they are in a fortunate situation of attractive home prices and record low

mortgage rates. “The idea of someone being able to get a 4.35% (average) home loan is mind boggling,”

said Mahoney. “It compares favorably to persons buying a year ago when rates were 5.23%, or two years

ago when they were 6.91%.”

A lower mortgage rate equates to a lower monthly housing payment. That increases home

affordability.

In addition, local buyers have a housing cost advantage: In the region, the median-priced home

sold last month was $125,188. Nationwide, it was $171,700.

Nationwide, September home sales were up 10% from August on a seasonally adjusted