Dayton Daily News

By Tim Tresslar, Staff Writer

DAYTON — The median price for single-family homes in the four-county Dayton area rose 21 percent in the fourth quarter compared to the last three months of 2008, a new report says.

In the fourth quarter of 2009, a home’s median price — half cost more, half cost less — in the Dayton metropolitan statistical area rose to $106,400, according to the National Association of Realtors. In comparison, the median price in the final quarter of 2008 was $87,800.

The Dayton MSA includes Greene, Miami, Montgomery and Preble counties.

Other major cities in Ohio also saw a jump in median prices. In Cincinnati, the price rose 7.8 percent to $125,000 while in Columbus it grew 4.7 percent to $132,500.

For the year, the median price in the area slipped 2.78 percent to $105,000, versus $108,000 in 2008, according to the Dayton Area Board of Realtors. But in October, November and December, prices climbed significantly over the corresponding months in 2008, according to DABR statistics.

“The prices are stabilizing,” Jess Livesay, vice president and chief executive of the board, said Friday, Feb. 12.

One thing that has benefited the region is that local home values didn’t skyrocket at dramatic levels seen in other parts of the country and didn’t fall as far as they have in other areas, Livesay said.

Nationally, median prices fell to $172,900 or 4.1 percent, the smallest year-over-year drop in two years and prices should continue to improve, NAR officials said.

“Because buyers are taking on long-term fixed-rate mortgages, avoiding adjustable-rate products and trying to stay within their budgets, the price recovery process appears durable,” Lawrence Yun, an economist with NAR.

Staff writer Tim Tresslar covers commercial and residential real estate for Dayton Daily News. His Real Estate Notebook appears every Sunday. He can be reached at (937) 225-7317 or via e-mail at ttresslar@coxohio.com.