The first quarter of 2006 has not been kind on home prices in a number if cities and Cincinnati is no exception. According to the National Association of Realtors, the median home price actually has fallen for the first time in the Queen City since 1979 (the year prices began to be monitored). Prices dropped 1.4 percent making the median price in Cincinnati $137,000.
Experts are pointing to higher mortgage rates which invariably will cool down any market. The recent increase on May 10 raised the rate to 5 percent.
While Cincinnati suffered its first decline in years, the median price for single-family homes is up 10 percent with Phoenix, Arizona experiencing a whopping gain of 38 percent. Still, rates continue to be record lows, but who knows when the fed may up the ante again.
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