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Home»News»Real Estate Market Grapples With Soaring Mortgage Rates, Inventory Shortage, & Record Prices
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Real Estate Market Grapples With Soaring Mortgage Rates, Inventory Shortage, & Record Prices

September 16, 2023Updated:September 16, 2023No Comments3 Mins Read


(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%

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