News & Events

Local Home Prices Jump 14.5 Percent

Local home sale prices jumped more than 14 percent in the first quarter - a sign that the housing market may be stabilizing after more than three years of declines.

For the first three months of the year, the median price for a home in Greater Cincinnati and Northern Kentucky rose to $121,900 - up 14.5 percent from $106,500 in the first quarter of 2009, according to data released Tuesday by the National Association of Realtors.

The median price is the mid point of all prices.

Greater Cincinnati was one of 91 metro areas out of 152 nationwide to land a price gain in the first quarter.

Also boasting increases in the Midwest were:

Cleveland - up 53.8 percent to $106,400.

Columbus - up 6.3 percent to $125, 800.

Dayton - up 22.8 percent to $97,900.

Indianapolis - up 13.9 percent to $108,500

Lexington - up 1.2 percent to $135,400.

Louisville - up 5.5 percent to $127,700.

Nationally, the median price slipped less than 1 percent to $166,000 from the first quarter last year.

All told, Realtors estimate that the federal home buyers tax credit - which expired April 30 - was likely responsible for an additional 1 million sales.

The largest percentage price increase was in Saginaw, Mich., where the median price doubled to nearly $61,000. The largest price decline was in Orlando, Fla., where they dropped 15 percent to nearly $132,000.

By Lisa Bernard-Kuhn - lbernard@enquirer.com -Cincinnati Enquirer

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