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Home»News»Existing-Home Sales Decline; Driven By Affordability Challenges & Inventory Shortage
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Existing-Home Sales Decline; Driven By Affordability Challenges & Inventory Shortage

June 21, 2023No Comments3 Mins Read


(Maumee, OH – June 21, 2023) – Existing-home sales slid for the second consecutive month, falling 3.4% nationwide as of last measure, according to the National Association of REALTORS® (NAR), as higher interest rates continue to impact buyer affordability.

Sales are down 23% compared to the same period a year ago, while contract signings dropped 20.3% year-over-year.

With sales cooling, buyers in some parts of the country have found relief in the form of declining sales prices, which are down 1.7% year-over-year nationally, although more affordable markets continue to see price gains.

Locally, New Listings decreased 11.3 percent for Single Family homes and increased 24.1 percent for Condo-Villa homes.

Pending Sales decreased 12.3 percent for Single Family homes but increased 5.9 percent for Condo-Villa homes. Inventory decreased 20.1 percent for Single Family homes and 25.0 percent for Condo-Villa homes.

Median Sales Price increased 2.6 percent to $175,000 for Single Family homes and 12.4 percent to $219,950 for Condo-Villa homes.

Days on Market decreased 8.3 percent for Single Family homes and 37.9 percent for Condo-Villa homes.

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

While fluctuating interest rates have pushed some buyers to the sidelines, a shortage of inventory is also to blame for lower-than-average home sales this time of year, as current homeowners, many of whom locked in mortgage rates several percentage points below today’s current rates, are delaying the decision to sell until market conditions improve. With only 2.9 months’ supply heading into May, available homes are moving fast, with the typical home spending just over three weeks on the market, according to NAR.

Single Family Homes 2022 YTD 2023 YTD % Change
Sales 3,444 2920 -15.2%
New Listings 4325 3750 -13.3%
Average Days On Market 65 64 -1.5%
Average Price Per Square Foot $110.92 $111.87 0.9%
Average Sales Price  $              197,595  $            192,716 -2.5%
Total Volume  $      680,515,700  $   562,669,477 -17.3%
Median Sales Price  $              161,000  $            162,000 0.6%
Condo Villas 2022 YTD 2023 YTD % Change
Sales 262 239 -8.8%
New Listings 335 300 -10.4%
Average Days On Market 70 55 -21.4%
Average Price Per Square Foot $127.44 134.49 5.5%
Total Volume  $        55,530,524  $      52,022,096 -6.3%
Average Sales Price  $              211,949  $            217,666 2.7%
Median Sales Price  $              204,950  $            215,000 4.9%
Single Family Homes May-22 May-23 % Change
Sales 825 732 -11.3%
Months of Inventory 4 4 0.0%
New Listings 1186 955 -19.5%
Average Days On Market 60 55 -8.3%
Average Price Per Square Foot $117.37 $118.93 1.3%
Average Sales Price  $              209,220  $            210,536 0.6%
Total Volume  $      172,606,247  $   154,111,195 -10.7%
Median Sales Price  $              170,600  $            175,000 2.6%
Condo Villas May-22 May-23 % Change
 Sales 58 72 24.1%
New Listings 80 70 -12.5%
Months of Inventory 3 2 -33.3%
Average Days On Market 66 41 -37.9%
Average Price Per Square Foot $127.37 140.85 10.6%
Total Volume  $        11,909,502  $      16,193,693 36.0%
Average Sales Price  $              202,336  $            224,912 11.2%
Median Sales Price  $              195,618  $            219,950 12.4%

 

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