As the U.S. continues to recover from the COVID-19 pandemic, high inflation and rising interest rates, housing sales are continuing to drop across the country. 21 News caught up with a local realtor to see how the housing market is back home.

According to the Associated Press, the National Association of Realtors (NAR) has reported that sales of previously occupied homes in the U.S. fell in June for the slowest pace since January.

The NAR reports that the string of monthly sales decline in 2023 is the longest on record since 1999. Christina Cox of Howard Hanna Real Estate tells 21 News the reason for this is primarily due to increasing interest rates.

Cox tells us this has cooled off in some areas, but buyers in the Valley are still dealing with high prices and bidding wars due to low home availability.

When it comes to the cost of a house, Cox says prices are leveling out and are more steady than they were a few years ago. However, demand is still very high as evidenced by multiple offers and bidding wars.

According to Cox, the most desirable price points here in the Valley are between $100,000 and $200,000 with bidding wars getting heated for homes with this price tag.

When asked about claims of the Youngstown area being among the most affordable places to live in the country, Cox agreed and said part of the reason demand for these homes is so high is people coming from more expensive markets to live here.

However, this increase in demand comes with a lack of supply also due in part to the affordability of living in the Valley. Cox says people who have already purchased homes here have equity on these homes and can't really afford to move into a new home due to high interest rates. 

Cox tells 21 News Florida is the biggest hot spot where people come from for more affordable housing. Cox says this is not limited to one specific area of Florida and is applicable to the state as a whole.

Additionally, people moving to the Mahoning Valley from the neighboring commonwealth of Pennsylvania is also common with Cox citing higher taxes in PA as a large reason for relocation here.

While Cox doesn't see prices coming down anytime soon, she says prices in the Valley have plateaued in recent months, so she doesn't expect any major increases.

When asked about fluctuating prices when checking home values online, Cox tells us that a variety of factors contribute to the value of a home such as style, location and the updates made to the home.

Cox says in order to get the most accurate valuation of your home, call a realtor over to take a look at it. That way, they can assess any upgrades or changes made to all sections of the home and come up with a more accurate value.

If you are looking for a home in the Valley, Cox says the best time to do so is around the fall and winter seasons. This is due to lower demand at this time with people more focused on preparing for the holiday season and getting settled in to the school year.

Cox tells us this doesn't necessarily mean you'll get a house for a super cheap price, but says you're more likely to get a better deal compared to other times of the year.