(Maumee, OH – September 14, 2023) – Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season.
The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac.
As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
Locally, New Listings decreased 10.0 percent for Single Family homes and 19.2 percent for Condo-Villa homes. Pending Sales decreased 18.7 percent for Single Family homes and 31.1 percent for Condo-Villa homes.
Median Sales Price increased 2.3 percent to $177,000 for Single Family homes but decreased 1.2 percent to $214,950 for Condo-Villa homes.
Days on Market increased 9.6 percent for Single Family homes but decreased 14.8 percent for Condo-Villa homes.
Months Supply of Inventory increased 33.3 percent for Single Family homes 50.0 percent for Condo-Villa homes.
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale.
According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace.
The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing home price of $406,700, a 1.9% increase from a year earlier.
| Single Family Homes | 2022 YTD | 2023 YTD | % Change |
|---|---|---|---|
| Sales | 7,701 | 5,311 | -31.0% |
| Days on Market | 57 | 61 | 7.0% |
| Average Price Per Square Foot | $111 | $115 | 3.6% |
| Median Sales Price | $160,000 | $167,500 | 4.7% |
| Average Sales Price | $194,577 | $202,062 | 3.8% |
| Number of New Listings | 6,248 | 6,448 | 3.2% |
| Total Volume | $1,279,874,806 | $1,091,482,614 | -14.7% |
| Condo Villas | 2022 YTD | 2023 YTD | % Change |
| Sales | 489 | 416 | -14.9% |
| Days on Market | 63 | 52 | -17.5% |
| Average Price Per Square Foot | $130 | $135 | 3.5% |
| Median Sales Price | $209,900 | $213,950 | -1.2% |
| Average Sales Price | $213,916 | $218,787 | 2.3% |
| Number of New Listings | 551 | 482 | -12.5% |
| Total Volume | $104,605,079 | $91,015,309 | -13.0% |
| Single Family Homes | Aug-22 | Aug-23 | % Change |
| Sales | 943 | 797 | -15.5% |
| Days on Market | 52 | 57 | 9.6% |
| Average Price Per Square Foot | $116 | $121.29 | 4.3% |
| Median Sales Price | $172,962 | $177,000 | 2.3% |
| Average Sales Price | $208,162 | $212,141.00 | 1.9% |
| Number of New Listings | 1,035 | 931 | -10.0% |
| Total Volume | $196,296,508 | $168,857,033 | -14.0% |
| Months of Inventory | 3 | 4 | 33.3% |
| Condo Villas | Aug-22 | Aug-23 | % Change |
| Sales | 75 | 52 | -30.7% |
| Days on Market | 54 | 46 | -14.8% |
| Average Price Per Square Foot | $133 | $136 | 2.7% |
| Median Sales Price | $217,500 | $214,950 | -1.2% |
| Average Sales Price | $216,504 | $227,697 | 5.2% |
| Number of New Listings | 73 | 59 | -19.2% |
| Total Volume | $16,237,787 | $11,840,245 | -27.1% |
| Months of Inventory | 2 | 3 | 50.0% |