Area realtors say 2013 ended on a high note for home sales. The Cincinnati Area Board of Realtors is reporting December closings rose 14.2 percent compared to a year earlier. For the entire year, sales increased 20.84 percent. The average home price rose 5.75 percent last year to $165,037.
"The Greater Cincinnati Housing Market continues to improve at a moderate rate," said Ken Parchman, President of the CABR, in a statement. "Our low inventory coupled with relatively low interest rates and stronger demand pushed the average price higher."
The Northern Kentucky Association of Realtors reports an increase of 2.7 percent last month compared to December 2012. Closings for the year were up 16.55 percent to 5,802. The average price rose 5.98 percent for the year to $154,152.
"We have to go back to 2007 to find a higher number of home sales (5,967), making 2013 the best year for home sales and sale volume since the housing crash," the NKAR said in a statement.
The association is expecting continued growth for Northern Kentucky's housing market this year.