The number of existing home sales nationally — completed transactions that include single-family homes, townhomes, condominiums and co-ops — waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022), according to the NAR.
Dayton market numbers
In the Dayton area, sales of single-family and condominium units reported by Dayton Realtors in July saw more gains in sales prices, but the number of homes sold showed a slowdown for the month. July’s average sales price totaled $267,143, knocking last year’s figure out of the way by 6%. The median price also fared well at $240,000, up over 7% from last year.
The 1,204 sales for July revealed a drop of over 22% from last year, reflecting the overall tightness of the economy and lack of available homes for sale. These sales produced a cumulative sales volume of over $321 million, a 17% decrease from July 2022.
The year-to-date figures also shined a light on the realities of the current economy. The January-July average sales price increased 4% to $252,812, while the median price ticked up 7% to $220,000. The cumulative sales price dropped 12% to almost $2 billion. The number of sales continued to decrease just as it has all year. The 7,868 units sold dropped 16% from the 2022 year-to-date figures.
Statewide sales data
The number of homes sold throughout Ohio in July fell from the pace set during the same month a year ago, while average prices continued to climb, according to Ohio Realtors.
Home sales in July 2023 reached 11,441, a 19.9% decline from the 14,291 sales recorded during the month a year ago. The average sales price across Ohio in July reached $287,695, a 5.4% increase from the $272,833 mark posted in July 2022.
“Despite these hurdles, the ongoing increase in average sales price is a clear indication that consumers understand that housing is a smart, long-term investment,” said Ohio Realtors President Ralph Mantica.
Around the state, 12 of the 13 of markets that are tracked experienced an increase in average price for the month compared to July 2022, according to Ohio Realtors.
How much does a mortgage cost today?
The inventory of homes for sale is hurting buyers as homes are quickly sold at higher prices.
“People aren’t listing, and in turn that’s affecting the inventory,” Shant Bonosian, executive vice president at Guaranteed Rate in Waltham, Massachusetts told Bankrate.com. “It’s definitely still a frenzy. It’s very competitive.”
The median existing-home price nationwide as of July 2023 was $406,700, according to the NAR. That’s up 33% from three years ago and 1.9% from a year ago.
As of early July 2023, the average 30-year fixed mortgage rate was 6.78%, a steep climb from 5.55% a year earlier, according to Bankrate’s national survey of lenders.
The result: A buyer in July took on a typical mortgage payment of $2,154 assuming a 20% down payment and a 30-year loan. That’s up 14% from a $1,823 payment in June 2022, and up a whopping 94% from three years ago.
And that’s even before mortgage rates surged again. As of Saturday, Bankrate listed the national average for a 30-year fixed-rate mortgage as 7.53%. The last time rates were consistently above 7% was 2002.
| What it costs a homeowner? | |||
|---|---|---|---|
| 20-Jul | 22-Jul | 23-Jul | |
| Mortgage rate | 3.47% | 5.50% | 6.95% |
| Median price | $305,600 | $399,200 | $406, 700 |
| Monthly payment | $1,094 | $1,823 | $2,154 |
| Source: Bankrate.com |
“Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,” Yun said. “However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.”
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