Sales of existing homes rose last month on the national and state levels, but declined locally.
Mike Foley reports.
The National Association of Realtors says existing home sales increased 5.6 percent in November to a seasonally adjusted annual rate of 5.81 million. Sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006. Total housing inventory dropped 7.2 percent to 1.67 million. The association says it’s nearly 10 percent lower than a year ago and fallen year-over-year for 30 straight months. One economist says the anticipated rise in mortgage rates next year could further cut into affordability if low supply levels persist. Meanwhile, the Ohio Association of Realtors says the rate of homes sold across the state in November reached a best-ever level, posting a 6.9 percent increase from the prior record-setting level reached during the month a year ago. The Ohio group says the market saw a 4.3 percent increase compared with October 2017 sales and continues to experience a healthy increase in average pricing. As for central Ohio, the Columbus Realtors Multiple Listing Service says there were 2,377 homes and condos sold during the month of November, a 3.2 percent increase over the same month a year ago, but a decline of almost 14 percent from October 2017. Still, the group says it’s the highest number of sales on record for the month of November. The average sales price of a home last month in central Ohio was $213,962, a 7.6 percent increase compared to the same month a year ago. And according to the latest Housing Market Confidence Index by the Ohio Association of Realtors, 96 percent of central Ohio Realtors describe the current housing market as moderate to strong. 83 percent of respondents said they expect home prices to rise over the next year.