DAYTON, Ohio (WDTN) – Home sales are continuing to hold strong in the Miami Valley, even as numbers fall nationally due to high prices and mortgage rates, said Dayton REALTORS.
Dayton REALTORS is a trade association representing over 3,200 members in Montgomery, Greene, Darke, Warren and Preble counties.
According to the trade association, the sales of single-family homes and condominiums in May of 2022 totaled 1,537, marking a 4% increase from the sales reported in May of 2021. The median sales price came in at $220,000, beating last year’s figure by almost 13% . The average price of $262,888 also surpassed last year’s number by 15%.
According to the Associated Press, existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million, the National Association of Realtors said Tuesday.
Sales in the Miami Valley only dropped a quarter of a percent this year, Dayton REALTORS said. For the first five months of 2022, there were 6,186 sales reported, compared to 2021 when 6,204 transactions occurred over the same period.
The average sales price year-to-date stood at $236,530 and represented a twelve percent jump over 2021’s year-to-date numbers, Dayton REALTORS said. The median sales price also grew, changing from $178,000 in 2021 to $197,950 through May 2022, an eleven percent increase.
This is much lower than the national median price, which has reached an all-time high since 1999 the Associated Press said. Currently, the national median home price has jumped 14% in May to $407,600.
This year’s pullback in home sales has led some economists to adjust their housing market outlook for 2022, the Associated Press reports. Realtor.com is now expecting U.S. home sales will decline 6.7% from last year. That would still make 2022 the second-best year for home sales since 2007 behind 2021, according to Danielle Hale, Realtor.com’s chief economist.