Despite tough market, local home sales increase slightly in August; prices rise

But statewide and nationally, home sales fell again last month

While the number of homes sold in the Dayton area last month remained steady compared to last year, prices continue their upward trajectory.

Supply of homes continues to be a challenge. Year-to-date sales have fallen behind those of 2021, with the 11,047 sales decreasing 2.5% from last year’s figures, the Dayton Realtors trade organization said Wednesday.

Listings submitted in August fell 14% from last year to 1,739 entries. For the January-August period, 13,525 listings were entered, down from last year by 2%.

There were 1,551 residential home and condo sales in July 2022, compared to 1,614 in August, according to Dayton Realtors data.

Statewide, August 2022 sales reached 15,412, a 6.4% decrease from the 16,466 sales seen in August a year ago, Ohio Realtors said Wednesday.

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.

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