The rate of home sales in July was “a solid performance” delivering encouraging news for home sellers and aligning closely with national trends, according to Kelly McCormick, president of Dayton Realtors and a realtor for 33 years.
“This comes after a slight dip in June, where sales were down by just under 3% in Dayton as compared nationally,” McCormick told this news outlet. “July’s numbers bring Dayton back in line with an 11-month growth trend, which closely matches the 12-month national home sales growth pattern.”
July saw residential sales prices continue to increase. Average sales price totaled $282,427, up 5.5% compared to July 2023. The median price also increased, rising 2.8% to $246,675.
The average rate of a 30-year mortgage dipped to 6.48% last week, the lowest point since April 2023, the Mortgage Bankers Association said Wednesday.
In addition to strong sales, new listings in July trended upward by nearly 8.2% over the same time last year, reflecting a modest increase of 123 homes, a total of 1,630 versus 1,507 for last year’s housing numbers, MCormick said. That affirms Dayton has a healthy inventory entering the fall market, she said.
“As we move into the final quarter of the year, factors such as the economy, upcoming elections, and job reports may have some impact,” McCormick said. “However, the outlook remains positive, with prices expected to remain matching 5% year over year and robust in many Dayton suburbs.”
The days on the market for homes have increased compared to last year, which McCormick said presents “a good opportunity” for buyers to secure homes at more moderate prices than those seen in the previous year.
“I’m excited to see the August housing numbers as we continue to cycle into the election period,” she said. “The market’s resilience is a testament to the strength of our local economy and the continued demand for housing in Dayton.”
The July housing numbers and comprehensive update on the Dayton real estate market continues to emphasize positive trends while addressing potential challenges in the coming months, McCormick said.
July is typically a month that sees higher sales numbers compared to the rest of the year, especially the months that surround it. said Austin Castro, a team leader at Coldwell Banker.
“(In) June, right when school lets out, there’s a bunch of summer vacations, things like that,” he said. “Anytime you have a recalibration routine, you get a little bit of a slowdown.”
The same thing occurs again toward the end of August when school districts resume classes and routines change again, he said.
“You’ll see another pickup here by third week in September, all the way up until about two weeks before Thanksgiving,” Castro said. “We’ve really been in that cycle probably the last four years.
“I think the increase in units (sold) on a year-to-date basis is more based on the market not being as crazy as it was last year.”
July’s sales numbers helped fuel 2024′s year-to-date success. There were 8,438 sales reported for the first seven months of 2024, an 11.9% increase compared to 2023′s year-to-date figures. Average sales price increased 9.7% to $277,373, and the median price ticked up 7.7% to $237,000.
The rise in the number of home sales also occurred at the state level.
Ohio home sales in July reached 12,588, a 6.9% increase from the 11,779 recorded during July 2023. The average sales price across Ohio in July reached $304,802, a 6.4% increase from the $286,390 mark posted in July 2023.
“July 2024 was a strong month for Ohio’s real estate market, with home sales and home prices up over last year,” Ohio Realtors President Ali Whitley said in a statement. “This demonstrates the growing confidence and stability within our housing sector.”
Thirteen of the 14 Ohio markets that are tracked experienced an increase in average sale price for this July compared to July 2023, Ohio Realtors said.
During the first seven months of the year, Ohio home sales activity was up 1.6% compared to January-to-July 2023. Year-to-date sales 74,972, up from the 73,783 homes sold a year ago, according to Ohio Realtors.
The average sales price during that period this year is $290,236, a 7.8% increase from the $269,297 mark reached a year ago.
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