Thanks to the fed, and rising interest rates, Cincinnati and Northern Kentucky experienced a leveling off of home sales this spring. In fact, essentially the same number of homes sold in April this year as compared to April of last year.
The two areas of Greater Cincinnati and Northern Kentucky actually combined to sell five less houses this April. A total of 2,877 single-family homes were sold.
Despite the record sales numbers nationwide for the last several years, the slow down is no surprise to experts. As mortgage rates inch up, the housing market cools.
Most of the area’s homes were sold in the Southwest Ohio region accounting for 2, 201sales, according to the MLS of Greater Cincinnati. The Northern Kentucky Multiple Listing Service reported a total of 573 home sold, down from 584 a year ago. Southeast Indiana rounded out the totals with 97 homes moving on the market down from 103 a year ago.
The average price of homes went down in the Greater Cincinnati and Northern Kentucky areas by about 1% and rose in Southeastern Indiana by almost 8%.
Average home prices in the region:
- Greater Cincinnati : $169,901
- Northern Kentucky : $146,730
- Southeast Indiana : $151,099
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