Home sales in central Ohio and elsewhere dropped in June, while competition among buyers escalated.
Columbus-area homes sold at a near-record pace and prices jumped 7.5% from a year ago, illustrating that demand for homes shows no signs of cooling.
The median sales price of a central Ohio home in June was $228,000, up from $212,000 a year ago, according to the Columbus Realtors trade group. Central Ohio home prices are now up 9% through the first six months of the year compared to the same period last year.
During June, 3,228 central Ohio homes changed hands, down from 3,338 last June.
Homes sold after being listed an average of 23 days, tied for the fastest pace recorded by Columbus Realtors.
Not surprisingly, lower-priced homes sold the fastest.
Homes costing $350,000 or less took an average of 18 days to sell while those $350,000 to $500,000 took about 30 days to sell. Homes costing $500,000 to $700,000 sold in an average of 53 days, and homes over $700,000 took an average of 72 days to sell, according to Columbus Realtors.
"In addition to price, location and condition of the home play a vital role in determining the demand and length of time it will take a property to sell," said Columbus Realtors President John Myers.
Home sales slipped in all major Ohio markets in June, leading to a 5.6% statewide decline, according to Ohio Realtors. Prices, however, climbed 7.2% over last year throughout the state.
Nationally, home sales declined 1.7% from May to a seasonally adjusted annual rate of 5.27 million, according to the National Association of Realtors.
U.S. home sale prices reached a record median high of $285,700, up 4.3% from a year earlier.
Lawrence Yun, chief economist with the National Association of Realtors, said the sales decline is driven by a shortage of homes on the market.
"Imbalance persists for mid- to lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices," he said in a news release.
Zillow Economist Matthew Speakman also blamed a lack of inventory on lackluster sales.
"Sales have struggled to achieve meaningful, consistent growth this year, despite friendly market conditions thanks to still-low mortgage rates and a strong labor market," Speakman said in a news release. "Meager inventory levels, especially in the entry-level segment, and still-rising prices continue to limit the selection of homes available to more budget-conscious buyers."
