Is is still more cost effective to buy a home than to rent one? Experts in Cincinnati say the answer is yes - as the city sees record home sales four months in a row.
The Federal Reserve raised interest rates a quarter of a point Tuesday, and noted an increase in inflation. At the same time, home sales across the country are slowing down. In some areas, home prices are so high some people are questioning whether it might make better economic sense to rent than to buy.
That's a phenomenon we're not likely to see in Cincinnati any time soon, according to Cincinnati Board of Realtors President Geoff Barnes. Last month, realtors in Cincinnati sold 1,635 homes with an average sale price of $169,54.
This week the average 30-year fixed rate home loan went up to 6.1% - the highest rate in six months. Barnes does not think the rate hike will affect home sales, however. The Board of Realtors expects that interest rate to climb to 6.7% by the end of the year. Barnes says that's not high enough to scare off homebuyers.
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