“Longstanding supply challenges have been exacerbated during the pandemic and inventories of existing homes are near record-lows,” said Abbey Omodunbi, a PNC Financial economist.
April 2021 home sales. Dayton Reators
The issue is national. Home prices in the U.S. have shot up in the past year, driven by a choked supply, record-low interest rates and strong demand, national reports indicate.
Statewide, sales increased 18% from last year, according to Ohio Realtors.
Home sales across the state last month reached 12,986, an 18% uptick from the 11,006 sales recorded during the month last year.
The average sales price across Ohio in March reached $236,800, a 16.9% increase from the $202,595 mark posted in April 2020.
“Activity in April was dynamic throughout Ohio with both sales and values experiencing dramatic increases, showing that the spring home buying season is in full swing,” said Ohio Realtors President Seth Task.
“Despite historically low inventory, we’re still seeing strong numbers in both homes sold and average price,” he added.
In the Dayton area, the monthly numbers for single-family home and condominium sales increased almost 20% with 1,357 sales. Sales volume totaled $303 million, a 42% increase from April 2020.
Average prices are still going up, to $223,363, with the median price increasing 16% to $190,000.
In all, the first four months of 2021 saw increases in a variety of sales metrics, Dayton Realtors said.
Through April, sales reached 4,703, a 6% increase from 2020. Sales volume came in at $962 million so far this year, up 20%. And the average sales price year-to-date stood at $204,602, up almost 14% jump over 2020′s year-to-date numbers. The median sales price also grew, from $154,900 in 2020 to $173,000 through April 2021, up 11%.