Region notches average home price record for 9th consecutive month

Home sales in Butler and Warren counties, as well as the Cincinnati area, dropped slightly compared in February compared to the same month in 2017.

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Home sales in Butler and Warren counties, as well as the Cincinnati area, dropped slightly compared in February compared to the same month in 2017.

The average home price in the Cincinnati region climbed to $180,372 in February compared to $160,839 a year earlier, a 12.14 percent increase, according to the Cincinnati Area Board of Realtors.

That extended the region’s consecutive record months of average home sale prices to nine months.

Home sales for the Cincinnati region in February continued to be strong as in previous months but came up just slightly short of last year at the same time.

February 2016, which had 29 days of recorded sales, notched 1,462 home sales while February 2017, which has 28 days, saw 1,407 home sales, down just 3.76 percent compared to February a year ago.

David Welch, president of the Cincinnati Area Board of Realtors, said one day of recorded sales can make a big difference in the numbers it reports.

“February 2017 home sales were strong and the real estate market is not showing any signs of slowing down,” Welch said in a statement.

Butler County home sales decreased from 315 in February 2016 to 280 in February 2017, a 11.1 percent decline. Average home price rose from $148,381 to $177,154, a 19.4 percent increase.

Warren County home sales dropped slightly from 180 in February 2016 to 168 in February 2017, a nearly 6.7 percent decline. Average home price there rose from $213,094 to $236,928, a nearly 11.2 percent increase.

RELATED: Area home sales nearly eclipse 2005’s record year

Inventory of homes for sale, as of Feb. 28, continued its year-over-year declining trend to 4,815 from 6,520 a year ago, down 26.15 percent.

“The average price of homes set another record this month, Welch said. “Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly.”

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