(Maumee, OH – October 12, 2023) – National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market.
Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August.
With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).
Locally year-to-date, New Listings decreased 9.7 percent for Single Family homes 15.7 percent for Condo-Villa homes.
Pending Sales decreased 4.9 percent for Single Family homes decreased 0.5 percent for Condo-Villa homes. Median Sales Price increased 6.8 percent to $185,900 for Single Family homes and 15.9 percent to $219,900 for Condo-Villa homes.
Days on Market decreased 16.1 percent for Single Family homes and increased 3.4 percent for Condo-Villa homes. Months Supply of Inventory decreased 4.2 percent for Single Family homes but increased 43.8 percent for Condo-Villa homes.
Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas.
Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR.
As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.
|Single Family Homes||2022 YTD||2023 YTD|
|Days on Market||59||61||-16.1%|
|Average Price Per Square Foot||$ 111||$ 113||4.4%|
|Median Sales Price||$ 161,750||$ 161,000||4.9%|
|Average Sales Price||$ 196,389||$ 19,308||2.9%|
|Number of New Listings||$ 8,593||$ 7,244||-9.7%|
|Total Volume||$ 1,446,493,947||$ 1,238,146,465||-12.2%|
|Condo Villas||2022 YTD||2023 YTD|
|Sales||$ 546||$ 466||-19.4%|
|Days on Market||$ 62||$ 52||3.4%|
|Average Price Per Square Foot||$ 130||$ 136||1.1%|
|Median Sales Price||$ 205,000||$ 215,000||-0.5%|
|Average Sales Price||$ 213,269||$ 219,490||-90.2%|
|Number of New Listings||$ 611||$ 552||-15.7%|
|Total Volume||$ 116,455,135||$ 102,282,559||-100.0%|
|Single Family Homes||Sep-22||Sep-23|
|Days on Market||59||58||-1.7%|
|Average Price Per Square Foot||$ 115||$ 126||10.0%|
|Median Sales Price||$ 174,000||$ 188,500||8.3%|
|Average Sales Price||$ 202,453||$ 223,318||10.3%|
|Number of New Listings||$ 892||$ 779||-12.7%|
|Total Volume||$ 166,619,141||$ 146,049,851||-12.3%|
|Months of Inventory||4||4||0.0%|
|Condo Villas||Sep-22||Sep-23||% Change|
|Sales||$ 57||$ 49||-14.0%|
|Days on Market||$ 59||$ 49||-16.9%|
|Average Price Per Square Foot||$ 127||$ 141||10.7%|
|Median Sales Price||$ 170,000||$ 225,000||32.4%|
|Average Sales Price||$ 207,720||$ 224,844||8.2%|
|Number of New Listings||$ 60||$ 69||15.0%|
|Total Volume||$ 11,840,056||$ 11,017,350||-6.9%|
|Months of Inventory||3||3||0.0%|
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