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Home»News»Challenging Summer Housing Market Sees Affordability Pressures & Inventory Shortages Persist
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Challenging Summer Housing Market Sees Affordability Pressures & Inventory Shortages Persist

August 10, 2023Updated:August 10, 2023No Comments3 Mins Read


(Maumee, OH – August 9, 2023) – Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR).

Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold.

But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

Locally, new listings decreased 29.7 percent for single family homes and 27.5 percent for Condo-Villa homes.

Pending sales decreased 23.4 percent for single family homes and 1.4 percent for Condo-Villa homes. Inventory decreased 28.5 percent for single family homes and 25.4 percent for Condo-Villa homes.

Median Sales Price increased 5.0 percent to $189,000 for Single Family homes but decreased 6.8 percent to $205,000 for Condo-Villa homes.

Days on Market increased 7.7 percent for Single Family homes and decreased 5.6 percent for Condo-Villa homes.

Months Supply of Inventory increased 33.3 percent for Single Family homes and remained unchanged for Condo-Villa homes.

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR.

With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.

Single Family Homes 2022 YTD 2023 YTD % Change
Sales 5,305 4513 -14.9%
New Listings 6666 5441 -18.4%
Average Days On Market 60 61 1.7%
Average Price Per Square Foot $115.00 $115.55 0.5%
Average Sales Price $              204,256  $            204,252 0.0%
Total Volume $  1,083,578,298  $   921,944,181 -14.9%
Median Sales Price $              169,000  $            170,000 0.6%
Condo Villas 2022 YTD 2023 YTD % Change
Sales 414 363 -12.3%
New Listings 478 422 -11.7%
Average Days On Market 64 53 -17.2%
Average Price Per Square Foot $129.89 134.76 3.7%
Total Volume $        88,367,292  $      78,935,064 -10.7%
Average Sales Price $              213,448  $            217,452 1.9%
Median Sales Price $              205,000  $            210,000 2.4%
Single Family Homes Jul-22 Jul-23 % Change
Sales 935 754 -19.4%
Months of Inventory 3 4 33.3%
New Listings 1113 782 -29.7%
Average Days On Market 52 56 7.7%
Average Price Per Square Foot $120.15 $121.68 1.3%
Average Sales Price $              216,573  $            220,059 1.6%
Total Volume $      202,495,563  $   165,921,890 -18.1%
Median Sales Price $              180,000  $            189,000 5.0%
Condo Villas Jul-22 Jul-23 % Change
Sales 80 65 -18.8%
New Listings 69 50 -27.5%
Months of Inventory 2 2 0.0%
Average Days On Market 54 51 -5.6%
Average Price Per Square Foot $139.68 136.42 -2.3%
Total Volume $        18,238,130  $      13,978,449 -23.4%
Average Sales Price $              227,977  $            218,207 -4.3%
Median Sales Price $              220,000  $            205,000 -6.8%

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