Home sales plunged in June, the second straight month that a shortage of homes has pushed down sales.
In central Ohio, 3,338 homes changed hands, 5.1% less than last June, according to the Columbus Realtors trade group.
The drop follows a 7% plummet in May. Columbus-area sales are now down 2.6 percent for the year.
As sales dropped, prices leapt, indicating that demand remains strong. Central Ohio homes sold for a median price of $212,000 during June, up 11.4% from last June.
Another sign of demand: Homes sold in an average of 23 days during June, the fastest pace on record.
At the end of June, 4,912 homes were listed, down 3% from a year ago and about half the number for sale at the same time in 2014.
Throughout Ohio, 15,865 homes sold during June, 3.5 percent less than a year ago, according to the Ohio Realtors trade association. Prices rose 6.5% statewide, led by double-digit gains in smaller markets such as Athens, Lancaster, Mansfield and Marion.
Nationally, sales slipped for the third straight month, hampered by especially low sales numbers in the South and West.
In June, homes sold at a seasonally adjusted annual rate of 5.38 million, down from 5.41 million in May. Sales are now down 2.2% for the year.
"There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining," said Lawrence Yun, chief economist of the National Association of Realtors, in a news release.
"The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation's housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales."
