Prices continued their upward trajectory as supply was reduced, with the average July selling price reaching $250,226, 11% above last year’s average, the organization said. The median price also rose, reaching $223,500, up more than 17% from a year ago, the group said.
Despite the drop in the number of sales, the 1,551 transactions recorded in July generated a cumulative sales volume of more than $388 million, an increase of almost 0.8% compared to last July.
“The year-to-date numbers also highlighted the realities of today’s economy,” Dayton Realtors said.
The number of sales since the beginning of the year continued to decline, as it has since February. The 9,395 units sold fell 3% from 2021 year-to-date figures at the same time.
But the average sale price from January to July rose more than 11% to $242,250, while the median price rose 10% to $205,000. The cumulative sale price rose 8% to $2.2 billion.
The supply of registrations remains a problem. Listings submitted in July fell, with 1,892 entries, down 12% from the 2,165 units on the market last July. For the January-July period, 11,786 listings were entered, which Dayton Realtors called “relatively flat” from a year ago.
Still, nice homes and homes with in-ground pools remain popular with homebuyers, Duncan-Hart said.
“It slows down a bit,” she said.
Statewide, the number of homes sold in July fell 10.4% from the pace set in July 2021, according to Ohio Realtors.
And nationally, the situation is no better. In July, existing home sales were down 5.9% from June and 20.2% from a year ago, the National Association of Realtors (NAR) reported.
“The continued decline in sales reflects the impact of mortgage rates peaking at 6% in early June,” said NAR chief economist Lawrence Yun. “Home sales may soon stabilize as mortgage rates have fallen to nearly 5%, providing an additional boost to homebuyers’ purchasing power.”
Ohio officials said the change makes things more normal.
“The July 2022 housing statistics show signs of a market beginning to normalize,” Ohio Realtors President John Mangas said in his own statement. “With rising mortgage rates now plateauing and more inventory becoming available, we should see better opportunities for home buyers and sellers.”