The Cincinnati Area Board of Realtors has just released its report on August, 2009 sales.  For the full report with graphs and statistics, click here.  According to Paul Jacobs, president of the CABR, homes sales continue to be driven by the $8000 Federal Home Tax Credit, now in place.  Sales in August 2008 were 1776 units, in 2009 1812 units, a 2.0% increase.  Nationally, home sales were up last month 3.4%.

Speculation is that homes sales have been spurred by both the tax credit and historically low interest rates.  Currently rates are about 5.3% for a 30-year fixed rate loan.  Buyers will find a good inventory of homes and favorable home prices.

Additionally, housing inventory has decreased from last year.  In August, 2008, there were 9.23 months of available homes.  Today, there are 7.52 months of inventory.  The National Association of Realtors considers 6 months of inventory to be a balanced market.