Central Ohio home sales, prices rebound in July

Home sales climbed back up in central Ohio and throughout the state in July, despite dropping nationally to the lowest level in more than two years.

In the Columbus area, 3,208 homes changed hands during the month, 2.3% more than a year earlier. The increase comes after two months of sharp declines prompted by a shortage of homes on the market.

Prices showed no signs of moderating. Central Ohio homes commanded a median price of $205,000 in July, 6% higher than a year ago.

The number of homes for sale remains very low by historic standards but showed signs of stabilizing. During July, 3,843 central Ohio homeowners put their homes on the market, a slight rise from a year ago.

Statewide, sales rose 5.8% from a year ago, led by big gains in the Dayton, Akron and Cleveland areas. Average prices for Ohio homes rose 5.7% from a year ago.

Ohio homes

"The Ohio housing market heated up in July, as the rate of sales reached record levels," said Tiffany Meyer, president of the Ohio Realtors trade group. "Equally important, the marketplace continued to maintain a steady, healthy rise in the average sales price."

Nationally, home sales fell to an annual rate of 5.34 million, the fifth straight year-over-year decline. U.S. home sales are now at the lowest level since February 2016.

Lawrence Yun, chief economist of the National Association of Realtors, attributed the decline to a shortage of homes and to rising prices.

"Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market," he said in a news release.

The median sales price of a U.S. home rose 4.5% from a year ago to $269,600, the 77th straight month of year-over-year increases.

Tribune Content Agency
Purchase Home prices Housing markets Housing inventory Ohio
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