Central Ohio home sales jumped the highest level in almost three years in September while prices showed signs of calming.
During the month, 2,824 homes changed hands, 8.9% above September 2018, the biggest year-over-year increase since November 2016.
One possible explanation: Prices showed some signs of stabilizing. Columbus-area homes sold for a median of $206,000 in September, 5.6% above the previous September. While that price rise is still above the traditional rate of 3% or 4%, it's well below the 7% and 8% year-over-year increases central Ohio has seen much of this year. Even including September's more modest rise, home prices are up 7.7% through the first nine months of the year.
John Myers, president of the Columbus Realtors, attributed the sales jump to interest rates, which dropped to as low as 3.5% for a 30-year mortgage in September before rising slightly the past few weeks.
"The desire to take advantage of lower interest rates helped bolster contracts and sales last month," Myers said in a news release. "Although mortgage interest rates ticked up recently, rates are still low, so we don't anticipate that will soften buyer interest."
Sellers remain firmly in control of the central Ohio market, with homes remaining in short supply. At the end of the month, 5,277 homes were listed in central Ohio, down more than 5% from a year earlier and the equivalent of 1.9 months of supply, far below the six-month mark considered balanced between buyers and sellers.
Homes sold after spending an average of 28 days on the market, but higher-priced homes sat on the market far longer than less-expensive homes. Homes that sold for under $350,000 sold in an average of 26 days while those that sold for more than $700,000 took an average of 86 days to find a buyer.
Led by big jumps in the Columbus, Dayton, Cleveland and Akron areas, home sales statewide also posted a rise -- 5.4% above last September.
"Activity levels in September were robust, with buyers taking advantage of favorable interest rates and positive economic conditions," Ohio Realtors President Anjanette Frye said in a news release.
Sales prices throughout the state rose 7.9% over a year ago.
Ohio sales bucked the national trend. After two months of increases, U.S. home sales fell 2.2% to a seasonally adjusted annual rate of 5.38 million, according to the National Association of Realtors.
Lawrence Yun, the association's chief economist, attributed the drop to a lack of choices for buyers.
"We must continue to beat the drum for more inventory," Yun said in a news release. "Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential."
