The Cincinnati Area Board of Realtors has released the June sales figures for the Cincinnati area. One of the stats that has gotten a lot of attention is that the overall number of sales is down 5% compared to last year. However, that is only part of the story. For example, sales prices are up 4.8% compared to last June. These two pieces of information seem to be at odds; if sales are slowing, wouldn't prices be holding steady or declining? The first thought might be that very low interest rates might be helping to keep sales prices high. It's true that the average interest rates for June were down to 3.73% for a 30 year fixed rate loan, which equates to about $462 per month for principal and interest for every $100,000 borrowed. However, the supply of homes listed on the market was down 12% in June 2019 compared the June 2018. It is amazing that the number of transactions declined only 5% in the face of a 12% reduction in supply. So far, there is little evidence that the seller's market is losing steam.