Cincinnati home sales dipped significantly in May. Prices did not
If you're in the house-buying market in Greater Cincinnati, there's good news and bad news.
New data from industry group Ohio Realtors shows there were significantly fewer homes sold in May this year than the same time last year — 22% fewer, in fact. Rising interest rates and economic uncertainty could account for the slow down — as well as the fact that there just aren't as many homes out there for sale.
It isn't just a one-month blip, either. Home sales between January and May this year were down 23% from that same period in 2022.
But that doesn't necessarily mean the housing market has gone soft.
You'll still likely get a good price for a house you're selling, as the average price of a house in Greater Cincinnati just keeps rising. It hit almost $338,000 in May — 6% higher than May last year.
Similar dynamics are playing out statewide, where home sales in May were down 16% over May 2022, Home prices across Ohio increased by about 1.5% in that time, however, to more than $280,000.
Ohio Realtors President Ralph Mantica says tight inventory is playing a role in the decline of sales.
"The persistent challenge of low inventory levels of homes being marketed for sale has hampered activity across Ohio," he said in a news release, adding that realtors still feel confident the housing market is strong.