By Randy Tucker
The Cincinnati Enquirer

Home sales in Southwest Ohio jumped almost 7 percent in September, compared with the same month last year. This is a three-year record for the month, according to the Cincinnati Area Board of Realtors.

September sales here mirror the housing boom on the national level.

Nationwide, sales of existing homes were up 7.8 percent in September, compared with the previous September, the National Association of Realtors said. On a month-to-month basis, sales increased by 1.9 percent, compared with August.

The housing splurge has been fueled by the lowest mortgage rates since the 1960s, tied to the Federal Reserve's policy of keeping interest rates low.

"People love low mortgage interest rates," Kathy Koops, president of the Cincinnati Realtors board, said. "They feel so fortunate because it eases the home-buying process."

In Hamilton, Butler, Warren and Clermont counties, 1,771 homes changed hands in September, compared with 1,657 for the same period last year. The area makes up 80 percent of Greater Cincinnati home sales.

The average sale price here in September was $160,592, compared with an average price of $152,120 last year.

Sales for the nine months have risen 6.86 percent, and the average home price has risen 3.68 percent.

The total number of homes sold locally in the first nine months of the year jumped from 16,441 in 2001 to 16,944 this year.

The low interest rates that have spurred the home-buying spree averaged 6.3 percent in September, down from 6.9 percent in September 2001.

Fixed mortgage rates haven't been in the low-6 percent range since 1966.

"With respect to housing, today is a dream come true," Ms. Koops said.

But mortgage rates in Greater Cincinnati have been rising in recent weeks.

The average interest rate on 30-year mortgages climbed to 6.42 percent this week, compared with 6.23 percent in the week before and 6.17 percent in the first week of October, according to the real estate board.

That also reflected the national trend, which showed 30-year mortgages climbing to 6.31 percent this week after dipping to 5.98 the week before, according to a nationwide survey by mortgage lender Freddie Mac.

E-mail rtucker@enquirer.com