July 2023 Dayton Housing Stats
The July 2023 Dayton housing numbers are in! For our purposes I’m not concerned about Cincinnati, Columbus, Cleveland etc, just what’s happening here in Dayton OH. As you can see New Listings are down almost 15% over July of 22. There are a number of factors causing this but a big one is that a lot of sellers are afraid to put their homes on the market for fear of not being able to find a suitable replacement. This vicious cycle has been going on for some time now. Overall home sales, single family and condo, are down over 22% vs this time last year! When inventory gets that low it drives up the price of the homes that are for sale, more buyers chasing fewer homes. This has resulted in a seller friendly 6.76% average sale price increase. These stats are for the entire Dayton OH area but if you want to know what it looks like in your specific neighborhood in Dayton just reach out, I’m always happy to discuss!
Minimum Down Payment
Years ago at least 20% was a required down payment for a home purchase. Those days are long gone but I still get the question asked if 20% is required by the bank. The answer is ‘No’ but putting that much down on a conventional loan does avoid you having to pay Private Mortgage Insurance also known as PMI. PMI is for the protection of the lender, not you. It protects them in case you default on the mortgage. Today you can get a Conventional loan for as little as 3% down! You’ll need ‘good’ to ‘excellent’ credit You’ll have the ability to eliminate the PMI over time with value increases FHA loans can be had with only 3.5% down They are more flexible with credit requirements You can carry more debt in relation to income vs a conventional loan. VA loans do not require any down payment from the veteran All 3 loans will allow the seller to pay toward closing costs. Don't hesitate to reach out with any home buying questions that come to mind!
Dayton OH June 2023 Housing Market
The home sale numbers are in for June of 2023. Let’s take a look at the Dayton Ohio real estate sales numbers. We hear a lot of talk about national stats but for us Daytonians we really want to know what it looks like here. New listings that hit the Dayton market are down a whopping 25.62% over June last year. Wow!! That decrease in inventory pushed home sales down 13.47%. It makes sense that few homes available resulted in fewer home sales. The more scarce inventory pushed prices up nearly 5% over last year despite higher interest rates we have now. I talk to so many sellers that say they would sell if they were not afraid they would have trouble finding a new home. This vicious cycle is contributing to the depressed inventory levels we are experiencing. Need help navigating this market? I’m here to help just reach out!
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