Home sales drop in Valley, Ohio, USA | News, Sports, Jobs


WARREN – The local housing market continued to be a bit depressed last month, posting losses on homes sold and available listings compared to October 2021.

Still, homes sold despite higher mortgage rates, and those that did spent less time on the market than last year, according to the latest figures from MLS Now, a multiple listing service that tracks sales and listings. related data in Northeast Ohio.

The number of homes sold across the state and in the US also declined last month, but reports show the median sales price continued to rise.

There were 175 closing 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 remained off 5.3 percent and the number of homes sold was down 4.7 percent.

Median sales price in the county fell 4.5 percent to $149,610 last month, but year-to-date is up 7 percent to $159,330.

For the month, homes were on the market an average of 38 days, six days less than 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 sold homes also fell year-over-year: 8.5 percent for new listings to 279 and 27.4 percent for sold listings. Last month, 217 homes were sold in Mahoning County.

Through October, new listings fell 3.7 percent and the number of homes sold was down 3.8 percent.

Median sales price increased 13% to $187,232 for the month and $176,885 through October, which is 6.3% higher than the same 10-month period in 2021.

Homes were on the market an average of 40 days last month, five days less than in October 2021. The average time on the market for the year dropped to 40 days, four days less than the same period last year.

OHIO

Statewide, home sales reached 12,181, a nearly 23 percent drop from a year earlier, according to Ohio REALTORS. Median sales price reached $255,725, an increase of 6.3 percent compared to October 2021.

“The Ohio real estate market is in transition as rising interest rates have slowed sales activity among prospective buyers,” said John Mangas, president of REALTORS of Ohio.

The change, Mangas said, is helping to increase inventory levels of homes for sale in most markets, giving buyers more choice.

Statewide, 13 of 14 markets monitored by the association had an increase in average sales price for the month. The outlier was the Athens market, which posted a 0.6 percent drop.

All markets posted a decline in sales activity.

NATION

Sales of previously occupied US homes fell in October for the ninth straight month at the slowest pre-pandemic sales pace in more than 10 years.

Existing home sales fell 5.9 percent last month from September to a seasonally adjusted annual rate of 4.43 million, the National Association of Realtors reported. This year’s series of declines in monthly sales is the longest on record since 1999, the NAR said.

Sales fell 28.4 percent from October of last year. Excluding the 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 in a deep slump following the foreclosure crisis of the late 2000s.

Despite the slowdown, home prices continued to rise last month, albeit at a slower pace than earlier this year. The national median home price rose 6.6 percent in October from a year earlier, to $379,100.

Median home prices are down 8 percent from their June peak but remain 40 percent above October 2019, before the pandemic, said Lawrence Yun, chief economist at the NAR.

“That really hurts affordability,” he said. “Most household income has not increased by 40 percent.”

Housing inventory on the market decreased for the third consecutive month. Some 1.22 million homes were for sale at the end of October, down 0.8 percent from September, the NAR said.

That equates to a 3.3-month supply at current rates. In a more balanced market between buyers and sellers, there is a supply of 5 to 6 months.

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Residential Home Sales Data

October 2022

• Trumbull County

New listings – 188

Listings sold – 175

Median Sale Price: $149,610

• Mahoning County

New listings – 279

Listings sold – 217

Median Sale Price: $187,232

• Columbian County

New listings – 101

Listings sold – 77

Median Sale Price: $172,419

October 2021

• Trumbull County

New listings – 259

Listings sold – 242

Median Sale Price: $156,719

• Mahoning County

New listings – 305

Listings sold – 299

Median Sale Price: $165,770

• Columbian County

New listings – 130

Listings sold – 96

Median Sale Price: $168,994

SOURCE: MLS Now



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