Region’s home sale prices on the rise

Canton-Massillon metro area is cited in report

Home sales prices are climbing in Stark County.

The National Association of Realtors reported this week that the median sales price for existing single-family homes has jumped 10.2% from a year ago in the Canton-Massillon metropolitan area, which covers Stark and Carroll counties.

The Canton-Massillon region had one of the largest percentage increases in the country and the second-highest in Ohio. Only 11% of the 221 metro areas studied had double-digit prices increases.

The median price rose from $181,300 to $199,800 from the third quarter in 2022 to the third quarter this year in the Canton-Massillon area. The sales prices have jumped 28.6% since 2020, according to the association.

Compared to a year ago, the national median single-family home price climbed 2.2% to $406,900. In the previous quarter, the year-over-year national median price declined 2.4%.

“Homeowners have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic,” NAR chief economist Lawrence Yun said in a prepared statement. “However, the persistent lack of available homes on the market will make the dream of homeownership increasingly difficult for younger adults unless housing supply is significantly boosted.”

The Stark Trumbull Area Realtors, which covers Stark County, couldn't be reached for comment.

Ohio home sales price increases by metro area

More than 80% of metro markets posted home price gains in the third quarter, according to the National Association of Realtors.

The Dayton area was ranked seventh in the country and highest in Ohio with a 13.7% increase. The other major metro areas in the state failed to hit double digits:

● Akron: 2.2%

● Cincinnati: 9.3%

● Cleveland: 4%

● Columbus: 3.6%

● Toledo: 6.3%

● Youngstown: 2.2%

A southwest side Massillon home is listed for sale.

Homeowners spending more of their income on mortgage payments

The national association reported that housing affordability has worsened because of increasing home prices and mortgage rates. The monthly mortgage payment on a typical existing singlefamily home with a 20% down payment was $2,192, up 7% from the second quarter ($2,051) and 19.2% – or $354 – from one year ago, the group said.

Families are spending 26.8% of their income on their mortgages, up from 25.3% in the prior quarter and 23.5% one year ago.