You have reached your limit of free articles this month.

Enjoy unlimited access to

Starting at just 99¢ for 8 weeks.


  • ePAPER

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.


Welcome to

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

September homes sales rise in region; impact of interest rates, debates yet to be seen

Home sales grew again in September, with the Cincinnati, Dayton and Springfield area housing markets recording double-digit percentage increases compared to the year before.

Local realtors boards released Monday their monthly home sales reports, showing early estimates on the status of a key segment of the economy.

The number of existing single family homes sold last month rose 23 percent in the Cincinnati market, 21 percent in the Dayton market and 18 percent in the seven-county region including Clark County.

“Our sales are up about 30 percent this year,” said Lonnie Lewis, president and owner of North Star Realtors Inc., a Fairfield real estate firm with 20 agents.

However, headwinds hitting the housing market include this month’s debt ceiling debate and government shutdown, rising interest rates, and the health of the overall economy.

“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” Lawrence Yun, National Association of Realtors chief economist, said in a statement. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

Home prices are increasing at a slower rate this year in the Dayton area, which includes Greene, Montgomery and Preble counties and parts of Warren County. Year-to-date through September, the average price of homes sold was $126,832 in the Dayton area, up 3 percent from the same time period of 2012, according to Dayton Area Board of Realtors. The average price for the same nine-month period of 2012 increased 6 percent from 2011.

In September, the average sold price year-over-year was flat in the Dayton area ($124,454, down less than 1 percent); and dropped in the region that includes Clark County ($104,125, down 9.6 percent).

The Cincinnati market’s average sold price rose 2.4 percent from September 2012 to $162,697 in September 2013, according to Cincinnati Area Board of Realtors. Year-to-date, Cincinnati’s average price of homes sold was $166,721, up 6.1 percent from 2012.

“My biggest concern is interest rates. It will definitely slow down the housing market because as rates go up, it raises people’s payments,” Lewis of North Star said. “The prices are better than they were last year, but they’re not close to what they were before the recession hit.”

Local home mortgage rates in June averaged 4.28 percent for a 30-year fixed rate loan, compared to 3.43 percent a year ago, according to the Cincinnati realtors group.

Butler County’s peak average sale price was $174,384 in June 2006; in the Dayton market it was $150,919 in June 2007.

Reader Comments ...

Next Up in News

Police: Fascination prompted man to steal rare copy of ‘Mein Kampf’ 
Police: Fascination prompted man to steal rare copy of ‘Mein Kampf’ 

COLLINSVILLE, Ill. —  An Illinois man who stole a 90-year-old copy of Adolf Hitler’s “Mein Kampf” from a museum said he was “fascinated by it,” police said. >> Read more trending news Robert Charles LeCompte, 30, of Collinsville, was charged Friday with one count each of burglary and theft, both felonies...
Trump tweets thanks to S. Florida residents for support
Trump tweets thanks to S. Florida residents for support

Residents in a South Florida city located just a few miles south of Donald Trump’s Palm Beach County residence showed up for a book reading at a local restaurant and wound up getting a 26-character thank you from the president Sunday morning. The “Fox and Friends” morning show cameras captured them praising his work to author and...
Highs in the 70s today, showers, storms Thursday
Highs in the 70s today, showers, storms Thursday

Quiet and cool start to the day with temperatures in the low 40s. Warming up Monday Mostly dry through Wednesday  Showers and storms Thursday RELATED: County-by-County Forecasts   TODAY: Sunshine to start the day with scattered clouds increasing through the afternoon. A little breezy. Highs in the low 70s. Far eastern Miami...
New Orleans begins to take down Confederate monuments
New Orleans begins to take down Confederate monuments

NEW ORLEANS — New Orleans Mayor Mitch Landrieu said the city would begin to take down the first of four Confederate monuments early Monday, Fox News reported, while a group that sued the city to halt the action held a vigil in protest. >> Read more trending news The Liberty Monument, erected in 1891, is an obelisk that commemorates...
Police: South Florida man drops baby to join in fight
Police: South Florida man drops baby to join in fight

Two South Florida residents are facing charges after they were accused of attacking a woman while a 5-month-old child under their care lay bleeding on the ground. One of the suspects dropped a car seat — with the baby still in it — to join the altercation, police said. >> Read more trending news Riviera Beach Police arrested Naura...
More Stories