The average sales price across Ohio in August reached $267,659, a 6.9% increase from the $250,338 mark posted during the same month in 2021.
“Rising mortgage rates and the lingering issue of tight inventories of homes being marketed for sale are contributing to a slower level of activity across the Ohio housing marketplace in August,” said Ohio Realtors President John Mangas. “The continued rise in average price is a strong indication of a still-competitive market and of the strong demand that exists among consumers looking to achieve the American dream of home ownership.”
Nationally, sales of existing homes fell for a seventh straight month in August, according to a note from Nationwide Insurance.
“The combination of higher mortgage rates and house prices have sent housing affordability plummeting,” Nationwide Economist Daniel Vielhaber said in a statement. “The Fed’s goal of slowing economic demand by raising interest rates starts with home sales. Home sales could fall further before the end of the year.”
Within the Dayton area, the overall active MLS single-family and condominium inventory at the end of August stood at 1,642 — about a month’s supply of listings based on August’s resale rate.
But the average sales price continued rising and hit $246,211, a jump of more than 9% from the previous August, Dayton Realtors said, with the median price rising to $209,950, up more than 10% from last year.
Year-to-date prices are also rising. The January-August average sales price increased 11% to $242,484 while the median sales price of $205,000 also saw an 11% bump.