"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."
Attractive yes, but on the climb. Rates have slightly, although steadily, throughout the month of December. Although, after sitting that low for so long, we all expected them to climb sooner rather than later. I must admit that a dip in the rates after the new year...or perhaps well timed with some good weather in late Winter / Early Spring would be a welcome sight!
What continues to cause the largest problem is the job front...no job equals not much buying power. Ohio has got to put jobs on the front burner. (Hint, Hint, new incoming Governor). CABR continues on the job front with this;
“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" Lower for the Nation, yes, but still a cause for concern.
I do expect rates to dip sometime after the first of the year - if housing prices hold steady through that time, and we see an increase in local jobs, we should see a positive first quarter. If, If, IF...Yes, I know - that's more if's than we need right now. For now, I hope you and your families have an enjoyable New Year's, and that you are greeted with happiness and contentment! And if you or someone you know could use some real estate advice, please feel free to contact me. I'm always available.
