Good News in Home Sales for a Change

Greater Cincinnati's June home sales notched their first year-over year gain in more than three years, while Northern Kentucky's record improved from last year, but remained in minus column.
The Cincinnati Area Board of Realtors reported 1,955 June home sales, up 0.8 percent from 1,940 in June 2008. The average price dropped 13 percent year over year, to $164,450, from $189,372, and gross volume was off 12.5 percent, to $321.5 million from $367.4 million.

Compared to May, home sales jumped 16.6 percent, with the average sale price rising almost 6 percent and gross volume up 23.4 percent.
For the first six months of 2009, 8,460 homes were sold, down 11 percent from 9,524 in the same 2008 period. The average sale price fell 12 percent, to $145,201 from $165,472, while gross volume dropped 22 percent, to $1.23 billion from $1.58 billion.
June home sales in Northern Kentucky jumped more than 17 percent over the previous month, according to the monthly report from the Northern Kentucky Association of Realtors.
Sales are off about 7 percent year over year, but the drop seems to be moderating, the association said in a news release.
Homes sold in June totaled 491, compared to 529 in June 2008. In May of this year, 405 homes were sold, according to the report.
Year over year, the average sale price fell 17.7 percent to $133,320 from $162,007, while total volume decreased 23.6 percent, to $65.5 million from $85.7 million.
First-time homebuyers taking advantage of a federal tax credit have helped push up home sales, said Johnny Hodge, president of the association, in the release.
For the first half of 2008, home sales fell 18 percent, to 2,210 from 2,699. The average sale price dropped 21 percent, to $134,757, from $170,112, and total volume plunged 35 percent, to $297.8 million from $459.1 million in June 2008.