About Cincinnati's Anderson Township

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June numbers are in forAnderson Township and Newtown, all part of the Forest Hills School district. For the month, 64 homes or condos were sold. There are currently 410 homes actively on the market and 68 pending sales.

Credit Suisse provides a monthly analysis of real estate traffic (showings) across the country. The traffic index level dropped to levels not seen since the credit crisis began in late '08. The sharp fall off in traffic was expected in May, but June only added to the slowdown. The most worrisome aspect of their index is that the numbers continued to fall throughout the month.

Along with that, the number of pending home sales across the country dropped 30% from May, 15% below May, 2009. The number of closings will continue to decline in July and August based upon this.

So, what does that mean? Overall, it demonstrates that the consumer pushed their buying plans ahead in order to qualify for the $8000 or $6500 federal tax credit. Now, homeowners can expect to be on the market longer and may be forced to further lower home prices, through reductions or concessions in negotiating a sale.

Lawrence Yun, chief economist for the National Association of Realtors notes that, "The tax credit has broadly stabilized home prices. Now the key test on whether the housing market can stand on its own without the stimulus medicine will depend on private job creation in the second half of the year and conditions on the Gulf Coast. If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions."

Anderson Township and Newtown have had 564 sales from June 30, 2009 to July 1, 2010. That turns out to be approximately 47 per month. At that rate, there are approximately 8.72 months of inventory. Five to six months of inventory is considered a balanced market.

Homes and condo sales continued at a brisk pace for May, 2010 in Anderson and Newtown. 48 homes closed in the month of May. There are currently 73 homes pending closing and 464 homes and condos that are actively listed for sale.

Troubling issues raised by the above graph show that we are still not back to the average prices of homes and condos sold in 2005. This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates. It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May. This is caused by the end of the homebuyer tax credit. It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region. That is more than the 19% reported for nationwide home sales. June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

The Federal Tax Stimulus drove sales in April, 2010, pushing Buyers to purchase by April 30 and demanding that Sellers price their homes to sell. Traffic exceeded the usual expectations of Realtors for the April time frame. Additionally, prices improved in the lower price ranges.

In fact, traffic was skewed to the lower end of the market. First time buyers represented the majority of demand. Homes listed for over $300,000 continue to be more difficult to sell than in the recent past.

There are currently 452 active listings in Anderson Township and Newtown. There are 113 pending sales and 44 homes closed in April.

There were 55 homes sold in the Forest Hills School district, including Anderson Township and Newtown in the month of March. Currently, there are 77 pending sales...a great number for March. When looking at the average and median prices from last year to the first quarter of the year, all have gone up.

Surprisingly, the number of Days on the Market has increased from 85 last year to 96 in the first quarter. That may reflect the increased number of foreclosures and short sales. Buyers continue to want homes that are in good condition versus neglected homes.

March buyers were trying to take advantage of the tax credit as the deadline approaches, but employment worries have remained an issue. As a result, most of the housing demand has occurred at the low end of the market.

Nationally, both the traffic from buyers and the prices have increased to their highest level since Summer of 2006. The number of Days on the Market has remained stable for homes sold. A reduced time to sell would be a positive indicator for future pricing trends.

Lawrence Yun, chief economist for the National Association of Realtors says the the surge of both closings and pending sales is another hopeful sign for the market. The rise in buyer contracts would signal a healthy gain and that home prices are continuing to flatten out. This drawing down of inventory is definitely a good sign as everyone hopes the tax credit will stabilize home values.

The Pending Home Sales Index is a leading indicator for the housing market, indicating how many existing homes have accepted contracts, pending a closing. In the Midwest, the number of pending sales is nearly 19% above a year ago this time. In fact, there are numerous reports of multiple offers on properties.

With this in mind, the number of closed sales is expected to remain higher than the past three years through June 30, when closings must take place in order to benefit from the tax credit.