Fewer homes sell, but prices stay high in Dayton market

Prices for homes sold in the Dayton area continued to rise in June, but the amount of homes sold declined.

The average sale for a single-family home or condominium in the area jumped to $256,349 last month, an increase of 8.5% compared to June 2021 when it was $236,140, according to data released last week by Dayton Realtors. The median price reached a new high of $220,745, which is a 7.6% increase compared to $205,000 in June 2021.

Year-to-date numbers encompassing all home sales from January to June show an average sale price of $240,702, up 11.7% compared to the year-to-date average of $215,531 for the first half of 2021. The median sales price also rose to $201,900 for the first half of this year compared to $183,225 for the first half of 2021, a 10.2% increase.

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“Our prices are still holding steady,” Dayton Realtors President Billie Duncan-Hart said Friday about the most recent sales. “However, what we are not seeing are the houses flying off the market within hours and we are not seeing the properties going over full (asking) price with escalation clauses. We have not been seeing that in about six weeks.”

That’s because of rising interest rates, she said, which have not yet come down and have potential buyers “kind of stepping back and watching.”

The average rate on a 30-year fixed-rate home loan climbed to 5.54% last week, according to mortgage buyer Freddie Mac. A year ago it averaged 2.88%.

Meanwhile, the amount of homes sold has declined. Sales of single-family and condominium units in June totaled 1,596, an almost 8% decrease from June 2021 sales. Year-to-date numbers show there were 7,801 sales transactions of single-family homes and condominiums, a 2% drop compared to the same point in 2021, when there were 7,964 sales.

“That’s down very little, so that’s telling me that we’re still low on inventory, but our prices are still up,” said Duncan-Hart.

In June, 2,100 listings were added, a drop of almost 5% compared to June 2021, but the 9,897 listings entered for the January-to-June period marked a 2.7% increase from the same period last year when there were 9,637.

“The people who are out there that need to purchase a home, the low inventory is still forcing them to pay full price, or darned close to full price,” Duncan-Hart said.

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The number of homes sold throughout Ohio in June fell 6.8% from the pace set during the month a year ago, according to Ohio Realtors.

Statewide home sales in June 2022 reached 15,456, a 6.8% drop from the 16,587 sales recorded during the month a year ago. However, the average sales price across Ohio in June reached $281,176, a 9.7% increase from the $256,232 mark seen during the month in 2021.

“Rising mortgage rates and tight inventories of homes being marketed for sale contributed to a slower level of activity across the Ohio housing marketplace in June,” Ohio Realtors President John Mangas said in a release. “The continued rise in average price is an indication of a still-competitive market.”

Around Ohio, 12 of the 15 markets tracked experienced an increase in average price for the month compared to June 2021, according to Ohio Realtors. In addition, six local markets showed an increase in sales activity compared to a year ago.

Sales activity during the first half of 2022 reached 73,853, a 2.2% decrease from the 75,549 sales reached during the first six months of 2021. The average price in the first half of 2022 of $257,791 is a 10.6% increase from the $232,990 mark reached during the period a year ago.

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The Associated Press contributed to this report.

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