DAYTON — Home sales in the Dayton region fell about 7% in November compared to the same time last year, with the average home price currently at approximately $300,000.
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According to the Dayton Realtors Multiple Listing Service, while potential buyers may be waiting for better purchasing conditions, those who bought homes at peak interest rates more than 7% two years ago are increasingly looking to refinance.
Andrew Roberts, the manager of loan originations at Wright-Patt Credit Union, reported a rise in refinance activity as homeowners seek interest rate relief.
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Roberts emphasized the importance of getting pre-approved for a loan for those considering another home purchase in the near future.
He advised that waiting for interest rates to drop further may not be the best strategy, given the current market conditions.
Despite the drop in home sales, home prices continue to rise.
The average home price in the Dayton region has reached around $300,000, indicating a potential increase in costs for future buyers.
“Sometimes what you qualify for and what you want to spend are the same thing, right? You may qualify for a mortgage payment of $2,000 a month, but is that what you want to spend? So we help people make those decisions,” Roberts said.
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