(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|
|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|
|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|
|Months of Inventory||3||4||33.3%|
|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|
|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%|