December 22, 2010
Contact: Tim Mahoney, CABR President, 513-793-2700 [office], 673-6103 [cell]
Gene Snavley, CABR Exec.Vice President, 543-2211 [cell]
1,092 Homes Sold Last Month;
15,688 Sold Through November
Home sales continued their 2010 advancement in November, with 1,092 homes sold (closed) last
month, and 15,668 for the first 11 months of the year. That represented decreases of 31% and 10%,
respectively, from comparable periods one year ago.
Looking forward, November real estate contracts written – but not yet closed – were down only
2.3% from a year ago.
Another favorable note: November home sale prices increased by 0.78% from a year ago, and
5.2% year to date.
Tim Mahoney, president of the Cincinnati Area Board of Realtors, said “We would like to have
seen more sales activity this year, but with a “less-than-stellar” jobs situation nationwide, we’re fortunate
the local market wasn’t hit hard in housing sales, as were many parts of the nation.”
Mahoney continued, “I think the public realizes that mortgage rates have bottomed, and if
prospective home buyers are serious about buying, they’ll appreciate that today’s rates near 5% are still
attractive.”
Local mortgage rates over the past 6 years, from a mid-December viewpoint, are as follows:
2010 – 5.05% 2007 – 6.25%
2009 – 5.06% 2006 – 6.35%
2008 – 5.08% 2005 – 6.41%
“A continuation of improvement in the Ohio unemployment rate should help the housing market,”
said Mahoney. The November, seasonally adjusted jobless rate in Ohio was 9.8%. It peaked at 10.8%
one year ago. Not seasonally adjusted unemployment rates are somewhat lower for the nation, Ohio and
southwest Ohio.
Locally, the public has 49% more home buying power than the nation, when you factor in (1) the
median home price, (2) monthly mortgage payment, and (3) median annual income. Cincinnati wins in all
three categories (from a nationwide third quarter 2010 study):
Summary of Single Family and Condominium Sales
Multiple Listing Service of Greater Cincinnati
Cincinnati Area Board of Realtors®
November Home Sales
Closings Gross Volume Average Price
Nov. 2010 1,092 $161,667,446 $148,047
Nov. 2009 1,587 $233,130,794 $146,900
Variance -31.19% -30.65% +0.78%
Year-to-Date Home Sales
Jan-Nov. 2010 15,688 $2,486,091,478 $158,471
Jan-Nov. 2009 17,492 $2,634,451,906 $150,609
Variance -10.31% -5.63% +5.22%
Nationwide, November home sales were up 5.6%% from October on a seasonally
adjusted basis, but down 27.9% from November 2009.
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More Buying Power
Real estate experts say that trying to buy a home at the lowest possible price is understandable, but
affordability is the one of the best metrics for helping you decide when to buy. In simple terms, if the cost
of owning your own home is even close to renting, and you can afford the costs, then buying a home is
the way to go.
Nation Cincinnati Area
1) Median-priced home $177,900 $137,250
2) Monthly mortgage payment $745 $562
(based on a 20% down payment)
3) Median annual income $ 61,652 $ 69,500
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Overall Home Affordability Index* 172 257 (a 49% improvement;
higher is better)
*An index score of “100” means a qualified home buyer with a median income has exactly enough income
for an 80% mortgage on a median-priced home. [The illustration above is from the July-September 2010
time period.]
The above comparison shows Home Affordability for Greater Cincinnati has never been better. The
Cincinnati area was favorable in all three measured components and, correspondingly, the overall Home
Affordability Index. Comparing Cincinnati’s affordability index of 257 vs.172 for the nation means that
local buyers have 49% more buying power than the average national buyer!
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