Home Sales Plunge in Valley, Ohio, USA | News, Sports, Jobs

WARREN – The local housing market continued in a mild slump for the past month, posting losses in homes sold and available offers compared to October 2021.

Still, homes were selling despite higher mortgage rates, and those that did spent less time in the market than last year, according to the latest figures from MLS Now, a multiple-listing service that compiles sales and related data in northeast Ohio tracked.

Home sales in the state and across the US also fell last month, but reports show the median selling price has continued to rise.

According to MLS Now, there were 175 closed sales in Trumbull County in October, down nearly 28 percent from the previous October, and new registrations also fell nearly 28 percent to 188.

Through October, new registrations lagged 5.3 percent and home sales are down 4.7 percent.

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

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

In Mahoning County, new listings and homes sold also declined year over year — 8.5 percent for new listings to 279 and 27.4 percent for sales. Last month, 217 homes were sold in Mahoning County.

Through October, new listings are down 3.7 percent and homes sold are down 3.8 percent.

Average selling price for the month increased 13 percent to $187,232 and at $176,885 through October is up 6.3 percent from the same 10-month period in 2021.

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

OHIO

Statewide home sales hit 12,181, down nearly 23 percent from a year earlier, according to Ohio REALTORS. The median selling price reached $255,725, up 6.3 percent from October 2021.

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

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

Statewide, 13 out of 14 markets tracked by the association saw an increase in the average selling price for the month. The Athens market was the outlier with a minus of 0.6 percent.

All markets saw a decrease in sales activity.

NATION

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

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

Sales have increased by 28.4 percent since October last year. Aside from the sharp slowdown in sales that occurred in May 2020, just before the pandemic began, sales are now at their 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 in the year. The national average home price rose 6.6 percent year over year in October to $379,100.

The median home price is down about 8 percent from its peak in June, but remains 40 percent above pre-pandemic October 2019, said Lawrence Yun, the NAR’s chief economist.

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

The stock of houses on the market fell for the third straight month. By the end of October, about 1.22 million homes were for sale, down 0.8 percent from September, the NAR said.

At the current pace, that’s 3.3 months’ supply. In a more balanced market between buyers and sellers, there is a 5 to 6 month supply.

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Data on the sale of residential real estate

October 2022

• County of Trumbull

New entries – 188

Offers sold – 175

Average Selling Price – $149,610

• Mahoning County

New entries – 279

Offers sold – 217

Average Selling Price – $187,232

• Columbiana County

New Entries – 101

Offers sold – 77

Average Selling Price – $172,419

October 2021

• County of Trumbull

New entries – 259

Offers sold – 242

Average Selling Price – $156,719

• Mahoning County

New Entries – 305

Offers sold – 299

Average Selling Price – $165,770

• Columbiana County

New entries – 130

Offers sold – 96

Average Selling Price – $168,994

SOURCE: MLS Now

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