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Rate Of Local Existing Home Sales Increased In June

Jul 24, 2018

Despite slight declines at the national and state levesl, sales of existing homes in the Columbus-area incireased in June. 

Mike Foley reports.

The Columbus Realtors Multiple Listing Service says there were 3,338 homes and condos sold in June, a 9.2 percent increase compared to May, although a drop of 5.1 percent from June 2017. Central Ohio homes spent an average of 23 days on the market last month, besting May’s record mark by four days. June’s median sales price of $212,000 and average sales price of $244,830 are also record highs for the region. But analysts note that not all homes are selling quickly. For instance, homes listed between $500,000 and $749,999 have been on the market for an average of 114 days. The latest Ohio Realtors Housing Market Confidence Index again indicates moderate to strong expectations for the region. 

Meanwhile, the pace of home sales statewide in June fell 1.1 percent from May’s seasonally adjusted annual rate of 150,991. In June, 17 of the state’s 18 markets reported an increase in average sales price. Five markets posted gains in the pace of sales.

And finally, sales of existing homes nationally fell for the third consecutive month in June. Higher prices and a limited supply of listings are being blamed for a 2.2 percent drop in home sales over the past year. The median U.S. sales price in June increased more than 5 percent from a year ago to $276,900. With homes worth less than $250,000 declining nationwide over the past year, analysts say many middle class and potential first-time buyers are getting priced out of the market. Sales of homes worth more than $1 million have increased 7.6 percent this year