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Local home sales fall in August

Home sales in the Cincinnati area lost momentum last month, declining more than 14 percent from a year ago. The Cincinnati Area Board of Realtors said the number of homes sold year to date is down as well, by almost 3 percent. Despite the decline, CABR president Ken Parchman said Greater Cincinnati continues to be a solid, viable market. "Even though August unit sales were down, 2014 is continuing to mimic 2013 home sales, which recorded the highest number of sales in the past seven years," said Parchman. The Northern Kentucky Association of Realtors is reporting a 5 percent drop in home sales last month with year-to-date sales up one-tenth of a percent. But likes its Ohio counterpart, NKAR isn't worried about the decline. In a statement NKAR noted: "Average home prices are up about 3 percent in August at $161,539 over the average prices for last August of $156,930. Median prices are up as well which confirms that the local housing market is robust and on track to meet or exceed our latest 'record' year of 2013, the highest for home sales since 2006."