The Dayton housing market is faring better these days, part of a national trend showing the U.S. housing market on the rebound after four months of decline.
As far as sales go, the Dayton market is doing much better than the recent sales uptick nationally as July numbers are showing a 1.3 percent increase.
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Home prices show the largest jump, rising more than 4 percent to an average of just more than $420,000.
“On a national trend, we’re seeing inventories rising slightly,” Greg Blatt, former Dayton Realtors president told News Center 7′s Nick Foley.
“You can say that’s a good thing. You could say that’s a bad thing, depending on which side of the transaction you’re on, right. So we’re seeing more days on market and a little longer to get a property sold, which is still a pretty strong seller’s market at this point in time,” Blatt said.
The Dayton market is seeing a much bigger increase in a number of metrics. The biggest is the average sales price in 2024, which now is more than $280,000, which is up 5.5 percent from 2023. But with inventory still at historical lows in the market, the former Dayton Realtors president said he anticipates a large squeeze on first-time and lower-income buyers.
“I don’t see any end in sight until we get inventories nothing for the normalized levels,’ Blatt said. “We’re going to continue to see prices increase. And I’ll be honest, my fear is, we lower interest rates a little bit more, we’re going to create more demand, and that’s just going to push prices even higher and make it less affordable for people. So I think we’ve got to find the right balance in there are in the Dayton.”
Local and national housing experts are predicting that this trend will continue into the coming months as the Federal Reserve is expected to drop interest rates before the end of 2024.
A DEEPER LOOK
Real estate analytics company ATTOM Data looked at nearly 600 U.S. counties and found that 80 percent are considered to be unaffordable.
In the Miami Valley, that includes Miami, Clark, Greene and Montgomery counties.
In 2021, Americans in these counties were spending about21 percent of their income on housing costs.
In 2024, the number jumped to about 35 percent.
ATTOM looks at a county’s median home prices, average wages, housing supply and population in calculating its housing affordability list.
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