The average sale price for existing homes in the Dayton area reached a five year high in June, according to new figures released Monday by Dayton Area Board of Realtors for this key segment of the economy.
The average sales price last month was $142,288 for re-sales of 1,292 single family homes and condominiums. Sales cover the Dayton area of Greene, Montgomery and Preble counties and part of Warren County. The average sales price rose 9.3 percent from a year ago, according to the new report from the Dayton Board of Realtors.
It’s the highest average sales price for any month since June 2008, when homebuyers paid $144,876 on average in the Dayton area to buy a house, also according to the Dayton realtors board.
“We’re selling more regular priced homes,” said Nancy Farkas, 2013 president of the Dayton board of realtors. Farkas is a real estate agent and associate partner for area firm Coldwell Banker Heritage Realtors.
“This has been a continued trend for months,” Farkas said.
June is historically one of the strongest months of the year for home sales and more homes sold in June than any other month so far in 2013. The number of homes sold in the Dayton market in June, 1,292, rose 24 percent from sales of 1,039 units a year ago.
Year-over-year, the median sales price — where half of homes sold for more and half sold for less — increased more than 10 percent from $112,500 in June 2012 to $124,000 in June 2013.
Even at a high watermark for sale prices, the latest $142,288 average price remains 5.7 percent below the market’s peak price reached in June 2007 of $150,919, according to figures provided by the Dayton realtors group.
The main factors driving the local market are buyers “wanting to take advantage of the rates while they’re still amazingly low, before they go up, and number two, the confidence in the real estate market by the consumer,” Farkas said.
Interest rates averaged 4.07 percent nationally in June for a fixed 30-year mortgage, up from 3.68 percent in June 2012. But rates are still below the average 4.51 percent it was in June 2011, according to the Freddie Mac Primary Mortgage Market Survey.
The gains in Dayton’s housing market are good news for local homeowners regaining lost equity. For most people, their house is their single biggest asset, and acts as a store of wealth. As of the end of 2012, 36 percent of Montgomery County homeowners were so-called “underwater,” owing more on their house than it’s worth, according to data from Zillow Inc.
Some Dayton area communities are rebounding faster than others, said Sheila Crane, first vice president of Greater Dayton Realtist Association, the local chapter of National Association of Real Estate Brokers, the oldest and largest historically black real estate trade group. Crane is a real estate agent with the firm HER Realtors.
June area home sales ranged from a $3,999 sold price in north Dayton to the highest sales price of $1,200,000 in Sugarcreek Twp., according to the board of realtors.
“There are Dayton area neighborhoods that are not experiencing this momentum. Some Dayton neighborhoods continue to struggle with vacancies and blight,” Crane said.
“Let’s be realistic. We went through a recession. The housing bubble burst. In some communities, we have not recaptured the jobs that were lost,” Crane said.
By the numbers: Dayton-area home sales
1,292 homes sold in June, up 24.4 percent from 1,039 units sold June 2012
$142,288 June average sales price, the highest for any month since June 2008
$124,000 June median sales price, up 10 percent from $112,500 in June 2012
SOURCE: Dayton Area Board of Realtors