Monthly Sales for April and May Were Down Year over Year; Big Jump Expected for June Sales
The Multiples Listing Service of Greater Cincinnati has release the statistics for all of Southwest Ohio in May 2020. As I presented three weeks ago, sales were down significantly from May 2019. What this monthly chart also shows is that even if sales were down, sales were continuing during the crisis at levels similar to November and December, and well above sales in January and February. This illustrates how much seasonality there is in the real estate market. Here are some recent stats regarding mortgages:
The average rate for a 30 year fixed mortgage in Cincinnati was 3.15% (!)
The equates to about $430/month for principal and interest for every 100k borrowed
According to Black Knight, the national mortgage delinquency rate in May 2020 was 7.76%
A higher share of mortgage payments were made so far in June compared to this point in May 2020, signaling a leveling off in mortgage delinquencies
There were 4.3 million mortgages that were 30 days or more delinquent. How these are managed over the next 6 months to 1 year will be a factor weighing on the real estate market in 2021 and 2022. Please contact me if you have any questions at 513-830-8227 or
email@example.com. I would be happy to discuss further.
The seller claims this 3 bedroom, 3 bath home in Columbia Tusculum is the oldest continuously inhabited home in Ohio, having been built in 1804. Thoroughly updated with modern touches, this 216 year old home is a blend of new and old.