Wednesday, January 26, 2000

Tristate home sales a record - again




BY JEFF McKINNEY
The Cincinnati Enquirer

        A high level of consumer confidence and low unemployment spurred sizzling home sales in 1999, breaking records in Greater Cincinnati for the fourth consecutive year.

        Sales in Southwest Ohio, accounting for most of the Tristate's sales, led the pace. In 1999, 20,822 homes were sold in Hamilton, Butler, Clermont and Warren counties, vs. 20,551 the year before, according to figures released Tuesday by the Cincinnati Area Board of Realtors.

        Total sales in the Tristate topped $3 billion for the first time. Sales in the eight-county Cincinnati metro area totaled 26,083 in 1999, breaking the previous record of 25,651 sold in 1998, area boards of Realtors said.

        “Despite the recent rise in rates, people bought homes at a record pace, and that's a testament to the strong economy,” said Chip Sudbrack, president of Sudbrack Realtors Inc. in Evendale and president of the Cincinnati Area Board of Realtors.

        The Cincinnati Realtors group said 1999 also was a record-breaking year for average sale price — $145,278, up 4.7 percent from $138,703 in 1998.

        “Yeah, interest rates are going up,” Mr. Sudbrack said. “But people still are confident that a home is the best investment they'll ever make.”

Interest rates could break streak



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