But that also means once a homeowner sells, they’re having a difficult time locating a replacement home. Deaton said one woman in Liberty Twp. recently sold her home and plans to rent an apartment until the housing market levels off.
COVID-19 has led to record low mortgage rates and a boom in home buying because with people working from home and not tied to big urban areas, many are migrating to smaller cities, towns, and rural areas, the study by ReFiGuide.org showed.
Ohio is the No. 2 most affordable state with average income covering 47 percent of what it would cost for a resident to buy a home. Hawaii was the No. 1 least affordable state with income covering 10 percent.
Kelly Meyer, president of the Cincinnati Area Board of Realtors, said Realtors were “surprised by the intense volume of sales activity” in July that stemmed from low inventory, low interest rates and the number of buyers.
“We are in unique times with such a pent-up demand for housing,” he said.
Meyer said local home mortgage rates in July averaged 2.99 percent for a 30-year fixed rate loan down from 3.75 percent a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $421, he said.
Bill Gabbard, president of the Butler-Warren Realtors Association, said if a house is price “right” it will sell within a few hours.
“It’s remarkable,” he said of the housing market.
He called the market the strongest he has seen in his 20 years as a Realtor. Gabbard, who works for Keller Williams Associate Partners, said as long as interest rates remain low, he sees no end in sight. The interest rates are allowing buyers to pay more than they expected, he said.
RESIDENTIAL SALES FOR BUTLER, WARREN COUNTIES
July 2020, July 2019
Sales: 527, 509
Average price: $238,969, $226,516
Median price: $222,000, $215,000
July 2020, July 2019
Sales: 434, 351
Average price: $335,386, $300,623
Median price: $291,450, $262,000
SOURCE: Butler/Warren Realtors Association