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.
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.
The Associated Press contributed to this report.