T
he Dayton real estate market saw a decline in sales for the second consecutive month in February, with a decrease of over eight percent from the previous year. Closed sales dropped by nearly 20 percent. However, there was a silver lining - the median sale price increased by more than five percent to around $240,000.

    Barbara Waddell, President-elect of Dayton Realtors, attributed this trend to mortgage rates hovering near seven percent. She noted that buyer budgets play a significant role in determining which homes sell quickly and which remain on the market. Homes priced at the higher end may sit for weeks, while those within buyers' budget ranges are still in high demand.

    Waddell emphasized that buyers prioritize their desired location over mortgage rates. She recalled a previous season when low interest rates led to bidding wars, with prices exceeding original asking prices by $50,000 to $100,000. Now, buyers don't need to pay such premiums, but they do face higher interest rates. Waddell expects sales to pick up as warmer temperatures arrive, typically prompting families to make moves before the fall months and school year begin.