Spring Real Estate Update: What You Need To Know

(PRESS RELEASE) – U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.

Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

Locally, New Listings decreased 2.6 percent for Single Family homes but increased 8.1 percent for Condo-Villa homes. Pending Sales increased 3.3 percent for Single Family homes but decreased 7.6 percent for Condo-Villa homes. Inventory decreased 1.5 percent for Single Family homes but increased 5.5 percent for Condo-Villa homes.

“Our local housing market in Northwest Ohio is staying strong despite changes in the economy,” said Eddie Campos, President of Northwest Ohio REALTORS.

“Even with rising mortgage rates and home prices, we’re noticing positive shifts in the number of new homes for sale, particularly condos and villas. This increase in listings is great news for buyers during the busy spring season when many people are searching for homes to buy.”

Median Sales Price increased 11.5 percent to $180,000 for Single Family homes but decreased 12.3 percent to $188,000 for Condo-Villa homes. Days on Market increased 11.5 percent for Single Family homes and 55.3 percent for Condo-Villa homes. Months Supply of Inventory increased 20.0 percent for Single Family homes and remained unchanged for Condo-Villa homes.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR.

Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

For general Northwest Ohio REALTORS® news, images, and real-time information, follow Northwest Ohio REALTORS^® on: Facebook (@NorthwestOhioRealtors), Instagram (@NWORealtor), and LinkedIn (@NorthwestOhioRealtors).

The post Spring Real Estate Update: What You Need To Know first appeared on The Village Reporter.

Source: The Village Reporter