Looking at markets across the nation

I typically report stats for our coverage areas of Stark, Carroll and Trumbull counties. But how is the market in the rest of the country?

Breaking things down by region, in the Northeast, existing home sales remained steady from May to June this year at 670,000. However, home sales did decrease from June 2021 to June 2022 by 11.8 percent. Median sales prices jumped 10.1 percent from $453,300.

In the Midwest, from May to June, existing home sales fell 1.6 percent at a rate of 1,230,000. Compared to June 2021, June 2022 homes sales were down 9.6 percent. Median sales prices for the Midwest were at $306,900 in June 2021 and increased a year later by 10.2 percent.

In the South, existing home sales slipped 6.2 percent in June from May this year. Compared to June 2021, sales declined 14.1 percent to the annual rate of 2,260,000 in June 2022. The median sales price in the South increased 16.8 percent from $374,900.

Lastly, the West decreased from May to June 2022 by 11.1 percent from the annual rate of 960,000. Compared to last year, existing home prices fell 21.3 percent from June of 2021. And the median sales price in the West is $624,000, a 9.6 percent increase from June 2021.

According to the National Association of Realtors, existing home sales fell for the fifth straight month. Compared to June 2021, home sales fell 14.2 percent compared to 5.97 million in June 2021. However, home inventory has increased by 9.6 percent from last month. Compared to June 2021, inventory increased 2.4 percent from 1.23 million. As a result, median sale prices increased by 13.4 percent from June 2021, from $366,900 to $416,000. Days on the market decreased last month from 16 days to 14 days this month. Compared to June 2021, days on the market decreased steadily from 17 to 14 days this year.

According to NAR, first-time home buyers made up 30 percent of June 2022 sales compared to 31 percent in June 2021. Investors and second-home buyers made up 16 percent of sales this June from 14 percent last year. Additionally, 25 percent of sales were cash transactions this June, up from 23 percent in June 2021. Lower days on the market suggest some are pricing their homes right, while higher-priced homes remain on the market longer, deterring some prospective buyers.

With rising inflation pushing interest rates and home prices climbing, housing affordability is still a big challenge for many. To bring interest rates down, inflation needs to be contained. Until that happens, housing affordability will remain a challenge.

Marlin Palich is president of Stark Trumbull Area Realtors, which serves Trumbull, Stark and Carroll counties.


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