Local Residential Real Estate Sale Activity – Wood and Lucas Ohio Counties
**Above data supplied by the Northwest Ohio Real Estate Information System (NORIS)
National Real Estate Outlook
According to the National Association of Realtors (NAR). Existing residential sales in have shown a notable increase of 9.5%. The rise in residential sales is occurring amidst fluctuating mortgage rates and elevated sales prices, suggesting a strong residential purchaser demand as we approach the Spring 2024 selling season.
In addition, per NAR, the rise in residential sales can also be attributed to the decrease in mortgage rates during December and the overall increase in residential housing supply across the United States. As reported by NAR, the total inventory grew by 5.9%, reaching 1.07 million units. This translates to a 2.9 a month residential housing supply based on the current sales pace. Despite the limited supply, residential purchaser demand remains solid, leading to a 5.7% year-over-year increase in the median existing-home sales price, which now stands at $384,500. This marks the eighth consecutive month of annual price growth.
**Above data supplied by the Northwest Ohio Real Estate Information System (NORIS)