Could a More Balanced Housing Market Be Ahead?
For the first time in months, year-over-year sales increases in the Dayton area housing market dipped in July albeit by only a bit over 2%. The number of available homes edged up ever so slightly. This is according to the Dayton Area Board of REALTORS.
It’s not much movement but could it mean a more balanced market is headed our way? Certainly, frustrated buyers will likely hope so. They are clamoring for more choices and less pressure to make a snap decision on whether to offer.
Any small changes should not concern sellers. Area home prices continue to be strong, with the average sale up slightly this July vs last to $157,000.
Whether the market eases a bit or July is simply a seasonal breath catching, mortgage rates remain near historic lows allowing for outstanding buying power for borrowers. One month does not a trend make. But balance is a good thing. I’ll keep you posted.