Home sales, average sales price rise in November as experts expect hot start to 2024

The amount of homes sold in the Dayton area rose last month compared to the year before, a sign that prospective buyers are starting to acclimate to the trend of rising home prices.

Sales of single-family homes and condominiums in November totaled 1,175 units, a 5.1% increase from November 2022, according to Dayton Realtors Multiple Listing Service, which includes Montgomery, Greene, Warren, Darke and Preble counties.

The median sales price in November was $226,000, surpassing last year’s figure of $190,000 by nearly 19%. The average sales price of $266,477 for this past November exceeded last year’s average sales price of $223,777 by 19.1%.

“I don’t think I’m surprised at that kind of growth (in home sales) that you’re starting to see again,” said Austin Castro, a team leader at Coldwell Banker. “I also think that buyers and sellers really are comfortable that the pricing (trend) is here to stay.”

Castro said that until recently, there were some potential buyers waiting for prices to go down, but November’s year-over-year increase shows that “people realize these prices are here to stay and ... we’ve got a new baseline, so to speak. They don’t feel that the volatility is what people thought it was going to be.”

Castro said sales numbers for December could be even more telling.

“Mortgage rates have come down significantly, so I would be really interested to see what the next month’s data looks like,” he said. “And we’ve definitely seen a big surge here in mid December, which you never see two weeks before the holidays.”

The overall MLS inventory at month’s end showed 2,264 active properties available for sale, which translated to a supply of 1.9 months based on November’s resale rate. It was an increase in inventory compared to October, which saw only a 1.3-month supply available.

There were 12,842 sales of single-family homes and condominiums in the Dayton region reported for the first 11 months of 2023, a 12.6% decrease from the 14,695 sales during the same span in 2022, according to Dayton Realtors.

The average sales price year-to-date is $254,760, a 5.7% rise over 2022, while the median sales price year-to-date is $225,000, a 9% increase.

“I’m very bullish about this first quarter of 2024, just because (home sales were) still moving at a pretty good clip because of the inventory and rates were 7.5% and they (stunk) frankly,” he said. “If rates move consistently in the high fives, it’ll be wild. It’ll be like it was 18 months ago.”

While the Dayton area saw a gain in home sales for November compared to a year earlier, that wasn’t the case for the number of homes sold throughout Ohio. Home sales last month reached 9,730, an 8.6% decline from the 10,650 sales recorded during November 2022, according to Ohio Realtors data.

The average sales price across Ohio in November reached $270,717, an 8.1% increase from the $250,351 mark posted in the same month a year ago.

Ohio Realtors President Ralph Mantica said Ohio’s housing market continues to see ongoing trends like low inventory.

“However, signs of improvement are emerging, particularly in the realm of mortgage rates, where we are starting to see a noticeable decrease in rates,” Mantica said in a statement.

Around the state, seven of the 14 markets that are tracked experienced an increase in average price for the month compared to November 2022.

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