Declining home sales in Valley, Ohio, United States
WARREN – The local housing market continued to soften slightly last month, posting losses in homes sold and listings available compared to October 2021.
However, homes sold despite higher mortgage rates, and those spent less time on the market than they did a year ago, according to the latest numbers from MLS Now, a multi-listing service that tracks sales and related data across Northeast Ohio.
The number of homes sold fell across the state and the US last month as well, yet reports show that the median sales price has continued to rise.
There were 175 closed sales in October in Trumbull County, down nearly 28 percent from the previous October, and new listings also fell nearly 28 percent to 188, according to MLS Now.
Through October, new listings were down 5.3 percent, and the number of homes sold was down 4.7 percent.
The median sale price in the county fell 4.5 percent to $149,610 last month, but for the year so far is up 7 percent to $159,330.
For the month, homes have been on the market an average of 38 days, six days less than in October 2021. For the year, the average time to market is 41 days, four days less over the same period.
In Mahoning County, new listings and homes sold were down year over year — 8.5 percent for new listings to 279 and 27.4 percent for listings sold. Last month, 217 homes were sold in Mahoning County.
Through October, new listings were down 3.7 percent, and the number of homes sold was down 3.8 percent.
The average selling price rose 13 percent to $187,232 for the month and at $176,885 through October, 6.3 percent higher than the same 10-month period in 2021.
Homes stayed on the market an average of 40 days last month, five days less than they were in October 2021. This year’s average time to market is down to 40 days, four days less than the same period last year.
Across the state, home sales came to 12,181, down nearly 23 percent from last year, according to Ohio Realtors. The average selling price was $255,725, an increase of 6.3 percent compared to October 2021.
“Ohio’s housing market is undergoing a shift as rising interest rates have slowed sales activity among prospective buyers,” said John Mangas, president of Ohio REALTORS.
Mangas said the shift is helping boost inventory levels of homes for sale in most markets, giving buyers more choice.
Across the state, 13 of the 14 markets the association tracks have seen their average selling price increase for the month. The Athens market was the most dominant, declining by 0.6 percent.
All markets recorded a decline in sales activity.
US previously occupied home sales fell in October for the ninth straight month, to the slowest pre-pandemic sales pace in more than 10 years.
The National Association of Realtors reported that existing home sales fell 5.9 percent last month from September to a seasonally adjusted annual rate of 4.43 million. NAR said this year’s streak of monthly declines in sales is the longest on record since 1999.
Sales fell 28.4 percent from October last year. Barring a sharp slowdown in sales that occurred in May 2020 near the start of the pandemic, sales are now at the slowest annual pace since December 2011, when the housing market was still mired in a deep recession in the wake of the foreclosure crisis of the late 2000s.
Despite the slowdown, home prices continued to rise last month, albeit at a slower pace than they did earlier this year. The national median home price rose 6.6 percent in October from a year earlier, to $379,100.
Lawrence Yoon, chief economist at NAR, said the median home price was down about 8 percent from its peak in June, but was still 40 percent higher in October 2019, before the pandemic.
“This really hurts affordability,” he said. “Most household incomes have not risen by 40 percent.”
Home inventory fell on the market for the third month in a row. About 1.22 million homes were for sale by the end of October, the agency said, down 0.8 percent from September.
This equates to a 3.3 month supply at the current pace. In a more balanced market between buyers and sellers, there is 5 to 6 months of supply.
Residential home sales data
• Trumbull County
New listings – 188
Sold listings – 175
Average selling price – $149,610
New listings – 279
Sold listings – 217
Average selling price – $187,232
• District of Columbiana
New listings – 101
Sold listings – 77
Average selling price – $172,419
• Trumbull County
New listings – 259
Sold listings – 242
Average selling price – $156,719
New listings – 305
Sold listings – 299
Average selling price – $165,770
• District of Columbiana
New listings – 130
Sold listings – 96
Average selling price – $168,994
Source: MLS Now
#Declining #home #sales #Valley #Ohio #United #States