Ohio Mortgage Demand Lessens as Dayton Home Sales Drop

Dayton-area existing property sales declined in October, as inventory of unsold homes increased.

Single-family existing home sales in the month stood at 1,100, an 8.8 percent decline from October 2005, according to the Dayton Area Board of Realtors.

For the first ten months of the year, sales remained steady at about 12,500. Overall, there’s been less demand for home loans in the area as the market cools and potential buyers fear losing money on an investment.

“Our modest downturn locally in sales activity remains much less painful than that experienced in many other areas,” said Dale Berry, president of the board, in a press release issued last week.

The average sale price was $137,000 in October, nearly the same as October 2005. Compared to the slowdown in home sales around the country, Ohio remains around the middle of the pack.

Finally, listings last month were up more than 3 percent to 2,400 compared with the same month last year. Year-to-date, listings were up 12 percent to 27,000 as builders delayed new construction until more interest was shown in mortgage loans around the state.