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Dayton Homes Sale Prices rise 2nd Fastest in the County

Tuesday, April 17, 2012   /   by Andrew Gaydosh

Dayton Homes Sale Prices rise 2nd Fastest in the County

Home prices in the Dayton metro area were among the fast-growing in the nation in the past four months, second only to the Phoenix area, according to a new report released today. The Dayton area, which saw home prices rise 6.3 percent, far outpaced other metro areas in Ohio, including the Cincinnati-Middletown metro area, which saw prices fall 1.3 percent, according to Clear Capitals quarterly Home Data Index of single-family home and condo sales. The California-based real estate assessment firm compared sales from December through March to sales during the prior three months. A Clear Capital official said the company used a longer time period for the latest report to get a broader view of the market. The 6.3 percent rise in the Dayton area is another indication that local home prices have bottomed out. Its obviously a good sign for this hard-hit market, said Alex Villacorta, Clear Capitals director of research and analytics. Clear Capital only considers homes that have been sold at least twice since they were built. That process tends to remove extremes from the data and provides a more accurate picture of the local market, Villacorta said. The Dayton housing market did better than other metro areas in part because it was initially harder hit by the housing downturn, Villacorta said. Home prices in Dayton are down 40 percent from a peak in early 2005, Villacorta added. Dayton fell harder, quicker than Cincinnati, which has had more of a slower ride down, he said. In addition, a lower percentage of foreclosed homes have been sold in the Dayton area than in the Cincinnati area. In the last quarter, the proportion of foreclosed homes sold was 26.2 percent in the Dayton area, compared to 26.8 percent in the Cincinnati area, according to Clear Capital. Sales of bank-owned properties tend to drive home prices down. After dropping, foreclosure sales in the Cincinnati area have increased during the last six months, Villacorta said. For the rest of the year, home prices in the Dayton area are expected to rise 1.5 percent, while home prices in the Cincinnati market, including Butler and Warren counties, are expected to drop 2.4 percent. In the entire Midwest, prices are expected to rise 0.7 percent. Nationwide, prices are expected to rise 1.2 percent, Clear Capital said. Steve Brown, president of Irongate Realtors Inc. and first vice president of National Association of Realtors, said local statistics show prices in the Dayton area market have stabilized. Thats according to average sales prices for the first quarter of 2012 of Irongates six area offices and figures from Dayton Area Board of Realtors. Irongates current average selling price is about $124,000, Brown said. Our statistics show a very stable price point in our area, and thats attributable to more single-family homes, personal-owned property selling in the marketplace, Brown said. Contact this Andrew Gaydosh & Associates for more information at 937 687-8765 www.daytondailynews.com/news/dayton-news/dayton-home-prices-rise-2nd-fastest-in-u-s--1355371.html&ei=OMKOT4n6N4no0gHo-ZWXDw&usg=AFQjCNGusXlmLmIQreaICme1VgGZhLREHQ

Andrew Gaydosh & Associates
Andrew Gaydosh
10501 Success Ln.
Centerville, OH 45458
937-305-9570

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