Posted on September 5, 2014 - 09:11 AM
by Dennis King
Housing Supply Jumps To Balanced Market
The housing supply in Cincinnati jumped to 5.1 months in August due to an 18% drop in unit sales. Single family took the biggest hit with the numbers showing a decline of 19% in units as compared to August 2013, condos were down 1% which will probably end up being dead even to last year by the time the official numbers are released around the third week of September.
BTW, a 5-month housing supply puts the overall market in the “balanced market” range where neither buyer nor seller have an advantage. The other noteworthy stat is that the percentage of lender-involved sales dropped to 12% as compared to 15% last month and 23% last August. With this jump up it could take sellers a month longer than before. Right pricing is key to selling ahead of the market!
For the 1,000 word picture, click here for the chart showing the trend of housing supply since 2009.