The Cincinnati area home market has mixed signals!
Yesterday the Cincinnati Enquirer reported that unemployment in our 15 county area for June hit 10.0%, up from 9.7% in May. Despite this statistic, employers added 3,900 jobs! The rate increased the unemployed/seeking work category increased by 4,700, illustrating it is key to have the right job skills! The cuts may also be due to companies trying to hit their June fiscal goals. Overall, a RED arrow!
On the other hand, the Cincinnati Area Board of Realtors reported today that June sales were up 7.63% vs. June 2009 with an average price of $171,827. However, many of these sales may be due to first time buyers rushing to get the tax credit prior to the original expiration date. This signal is mixed, so neither a RED arrow nor Green Arrow!
The last piece of most recent data, new construction building permits are up 5% in Southwest Ohio and 23% in Northern Kentucky compared to the same period in 2009. 974 permits have been issued for the first six months, with Warren County leading the growth with 350 permits! Permit values also jumped 17% from last year, now at $203,542 in Southwest Ohio. Interesting tidbit, closing prices are typically about 20% higher than permit prices. So this signal is a GREEN arrow!
Basically, there are no CLEAR indications that our market is fully recovering. The glass may be half empty, half full, either way, someone will be taking a drink!
What is more critical to you than the regional performance, is WHAT is happening on YOUR street? Need help determining that? Please contact The Liz Spear Team of RE/MAX Elite, we'll be happy to help!
Hope you're having a fantastic day!
Bill & Liz
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