Butler County’s economy had a boost in July with a nearly 30 percent spike in home sales corresponding with higher sales prices than the same time a year ago, according to the monthly sales update from Cincinnati Area Board of Realtors released Wednesday.
County real estate agents closed on sales of 381 houses last month, according to the Cincinnati realtors group. Approximately 354 houses sold in June, and 299 homes sold July of last year.
The number of existing single family homes and condominiums sold have been ahead every month this year than the same month the year before except for March, according to figures provided to this newspaper by the realtors group. The Cincinnati board houses the area’s Multiple Listing Service, which Realtors use to list properties for sale.
July’s average sales price in Butler County was $150,912, up by about three percent. A year ago, homes sold for an average price of $147,558, also according to the realtors group.
“It’s not going up dramatically, but it’s inching up. I have seen improvement in Trenton,” said Darlene Moore, a real estate agent for RE/MAX Alpha in Trenton. “July’s still active because people are trying to find homes before schools starts.”
Paul Renwick, broker/owner of Keynote Realtors of Middletown and past Middletown Board of Realtors president, said his firm at this point in the year is about double what it was last year in home sales.
More homes have been listed for sale this year than last and interest rates “are still below normal,” Renwick said.
“We’ve got plenty of houses for sale. What we’re running into, what we’ve been running into the past year and a half is the banking industry is still so tight on their loan guidelines,” he said. “We’ve got more listings than we had last year and the listings we do have we work hard to get the sellers to price reasonably.”
The local housing market gained steamed this year as home buyers took advantage of historically low interest rates and still relatively low home prices. Fixed mortgage rates seemed to go lower every week this spring, but broke their streak in recent weeks. But the national average of 3.62 percent for a fixed 30-year home loan as of Aug. 16 is still considered historically low, according to the Freddie Mac Primary Mortgage Market Survey.
Jobs are considered a major factor impacting housing because people can’t buy a house without a job or won’t make a move unless they’re confident about their work. Unemployment rates released this week show Butler County’s jobless levels improving to 7.3 percent, according to Ohio Department of Job and Family Services.