Despite declines at the state and national levels, existing home sales rose in the Columbus area last month.
Mike Foley reports.
The Columbus Realtors Multiple Listing Service says there were 3,056 homes and condos sold in central Ohio during May, an 18 percent increase from April. May’s average sales price of $235,133 and median sales price of $204,000 are both record highs for the region. Officials say because there’s more demand than supply, homes are spending less time on the market. The average for May was 27 days, tying the lowest on record. The latest Ohio Realtors Housing Market Confidence Index indicates moderate to strong expectations for the region over the next six months. Meanwhile the pace of home sales statewide in May fell 3.6 percent from April’s seasonally adjust rate of 156,594. Officials say the market achieved a steady, healthy rise in the average sales price last month of $187,274. Thirteen of the 18 markets tracked around the state reported an increase in that indicator. And finally, there were 5.43 million existing home sales in the U.S. in May, the second straight monthly decline. The National Association of Realtors says sales of homes worth less than $250,000 have declined over the past year while sales of homes worth more than $1 million have increased 14.4 percent.