By Jeff McKinney
The Cincinnati Enquirer

Falling mortgage rates once again sparked record monthly home sales in Southwest Ohio in February - the ninth time in the past year for that region.

The gains in Ohio offset drops in Northern Kentucky and southeast Indiana.

Overall, the number of homes sold in Southwest Ohio, Northern Kentucky and Southeastern Indiana rose 5.6 percent last month to 1,946 from 1,843 in February 2003, according to local boards of Realtors.

The gain was brisk in Southwest Ohio - nearly 10.9 percent - which accounts for about 80 percent of the Tristate's total sales.

Sales in Hamilton, Butler, Warren and Clermont counties came in at 1,529 in February, up from 1,379 in February 2003, the Cincinnati Area Board of Realtors reported. The average sales price was $163,899 in February, up 5 percent from $156,020 a year ago.

Sandra Butler, president of the Cincinnati Area Board of Realtors, credited lower mortgage rates.

Greater Cincinnati could have another record-setting sales year in 2004 if mortgage rates remain low and the economy continues to improve, she said.

The average 30-year fixed-rate, $100,000 mortgage locally is now 5.49 percent, down from 5.88 percent a year ago, according to a weekly survey of area lenders by the Cincinnati Area Board of Realtors.

"If you're on the fence, it's time to take that leap," Butler said.

The gain last month in Southwest Ohio offset drops in Northern Kentucky and Southeast Indiana.

Sales in mainly Kenton, Boone and Campbell counties totaled 367 in February, down 9.6 percent from 406 in February 2003, the Northern Kentucky Association of Realtors said.

The average sales price in Northern Kentucky was $152,480, up 8.8 percent from last February.

In Southeastern Indiana, sales in February totaled 50, down from 58 last February, said the Southeastern Indiana Board of Realtors. The average price there last month, $120,278, is down about 6.6 percent from $128,771 a year ago.

Nationally, sales passed the 6 million-unit mark for the eighth time on record (calculated on an annual rate), . the National Association of Realtors said.

E-mail jmckinney@enquirer.com