DAYTON, Ohio (WDTN) — Mortgage rates have made the purchasing process difficult for first time homebuyers in the Dayton area.
In recent months, mortgage rates have made an impact on the Dayton area. Housing data released shows the median price of residential homes increased about 4 percent in December compared to December, 2021.
Real estate experts have explained the Dayton region has low inventory, but demand for homes is staying constant. The public interest for purchasing houses has led to prices of homes to continually increase.
Dayton Realtors President Greg Blatt tells 2 NEWS there is more of a demand for homes than what is currently on the market, causing increased prices in the market for potential homebuyers.
“Right now, we’re running about 20 percent of the market inventory. Demand is staying about the same. That means home prices are increasing, as we go forth,” Blatt said.
The prices of homes in the area are not expected to increase as they have in the previous few years by the double digits, but instead by a single digit increase.
Blatt tells 2 NEWS, “I think that’s indicative of the increase interest rates. Again, we’re seeing a lower velocity of homes being sold, but they’re still in high demand.”
One of the tips first-time homebuyers can take to make sure the purchasing process runs smoothly is confirming you are pre-approved for buying a home, but also, consulting with a realtor.
Read More:Dayton-area housing market impacting homebuyers