The Cincinnati Inquirer has this update on the tri-state housing market. "A dramatic rise in the number of homes for sale in Greater Cincinnati and Northern Kentucky has created opportunities for buyers but will make it tougher for sellers to fetch the prices they want."

"In Greater Cincinnati, the number of single-family homes and condos for sale on June 30 was 16,349, up 27 percent from June 30, 2005. The figure in Northern Kentucky was 1,313 on June 30, up 10 percent from June 30, 2005, according to the MLS of Greater Cincinnati and Northern Kentucky. The inventory buildup reflects a dramatic shift in home sales from the record-setting pace of 2005, when 34,511 were sold across Greater Cincinnati, Northern Kentucky and Southeast Indiana."

"Jamie Smith has taken full advantage of the market conditions. He bought a three-bedroom house in April in Colerain Township for $96,000, about $4,000 less than the original asking price of $99,900. 'By the time the deal actually closed, the sellers cut their price by $7,900 when you figure in all the concessions they made,' he said."

"Smith, who moved into his new home in June, has reaped the rewards of a cooling real estate market, in which rising interest rates and other factors have slowed demand and created a housing glut that has put buyers in the driver's seat. 'We said it last month, and we'll say it again, it's a buyer's market,' said Dave Otto, president of the Cincinnati Area Board of Realtors."

"Homes have begun staying on the market longer, and many sellers have been forced to lower asking prices to accommodate higher mortgage costs, a glaring departure from the buying frenzy that marked the past five years. 'We all have just gotten a little spoiled by the low interest rates and the market those rates drove,' said (broker) Tom Sturm in Colerain Township."

"Sturm said housing market conditions are the toughest he has seen in 13 years."

"Northern Kentucky couple Erich and Barrie Kuehnle bought a new home for $205,000 in May after the builder knocked $3,000 off the asking price for the four-bedroom home in Independence. Barrie said the builder also threw in new carpeting, lighting fixtures and stainless steel appliances, including a microwave, range and dishwasher."

"While average prices across the local region continue to climb, the median price fell for the first three months of 2006. The median price of existing homes fell 1.4 percent to $137,700 in Southwest Ohio, Northern Kentucky and Southwest Indiana, compared to the first three months of 2005, the NAR reported in May. It was the first decline since the trade group started tracking prices in 1979."