Home sales plummet in Valley, Ohio, USA

Home sales plummet in Valley, Ohio, USA
Home sales plummet in Valley, Ohio, USA

WARREN – The local housing market continued to slump last month, recording losses in homes sold and listings available compared to October 2021.

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

The number of homes sold in the state and the United States also fell last month, but reports show the average sale price continued to climb.

There were 175 completed October sales in Trumbull County, down nearly 28% from the previous October, and new listings also fell nearly 28% to 188, according to MLS Now.

Through October, new listings remain down 5.3% and the number of homes sold is down 4.7%.

The average sale price in the county fell 4.5% to $149,610 last month, but for the year so far it was up 7% to $159,330.

For the month, homes were on the market an average of 38 days, six days less than in October 2021. For the year, the average market time is 41 days, four days less over the same period. .

In Mahoning County, new listings and homes sold also fell year over year — 8.5% for new listings to 279 and 27.4% for listings sold. There were 217 homes sold in Mahoning County last month.

Through October, new listings are down 3.7% and the number of homes sold is down 3.8%.

The average sale price rose 13% to $187,232 for the month and $176,885 through October, up 6.3% from the same 10-month period in 2021.

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

OHIO

Statewide home sales hit 12,181, down nearly 23% from a year ago, according to Ohio REALTORS. The average sale price reached $255,725, an increase of 6.3% compared to October 2021.

“The Ohio housing market is in transition as rising interest rates have slowed selling activity among potential buyers,” said John Mangas, president of Ohio REALTORS.

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

Around the state, 13 of the 14 markets tracked by the association saw an increase in the average sale price for the month. The outlier was the Athens market, which fell 0.6%.

All markets showed a decline in trading activity.

NATION

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

Existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million, the National Association of Realtors reported. The streak of monthly sales declines this year is the longest on record since 1999, the NAR said.

Sales fell 28.4% from October last year. Excluding the sharp downturn 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 mired in a deep recession following the foreclosure crisis of the late 2000s.

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

The median house price is down about 8% from its June peak, but still 40% higher than October 2019, before the pandemic, said NAR chief economist Lawrence Yun.

“It really hurts affordability,” he said. “Most household incomes have not increased by 40%.”

The stock of homes on the market fell for the third consecutive month. Some 1.22 million homes were for sale at the end of October, down 0.8% from September, the NAR said.

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

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Residential Home Sales Data

October 2022

• Trumbull County

New registrations – 188

Listings sold – 175

Average Selling Price – $149,610

• Mahoning County

New registrations – 279

Listings sold – 217

Average Selling Price – $187,232

• Columbiana County

New Listings – 101

Listings sold – 77

Average Selling Price – $172,419

October 2021

• Trumbull County

New registrations – 259

Listings sold – 242

Average Selling Price – $156,719

• Mahoning County

New registrations – 305

Listings sold – 299

Average Selling Price – $165,770

• Columbiana County

New registrations – 130

Listings sold – 96

Average selling price – $168,994

SOURCE: MLS Now

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