Housing Market Strong In 2017 Despite December Decline
Existing home sales in December declined on the national, state and local levels. But the figures for 2017 show a robust year overall, including some record-setting activity in central Ohio and the state.
Mike Foley explains.
The Columbus Realtors Multiple Listing Service says 32,218 homes and condos were sold in 2017, the highest number on record in central Ohio for a single year. With the average sales figure of $214,802 and the median at $181,500, the region also saw record high home prices last year. There were 2,261 homes and condos sold during the month of December, a 3 percent decline over the same month a year ago, and a nearly 5 percent drop from November 2017. On average, homes spent only 35 days on the market last year, 11 fewer than 2016. Meanwhile, the Ohio Association of Realtors says the state’s housing market in 2017 experienced record-setting levels in the rate of sales activity, average sales price and total dollar volume. Homes sales in Ohio finished 2017 with a seasonally adjusted annual rate of 151,748 and an average price of $172,870. Sales declined last month by almost 6 percent from November 2017 and about 2 percent from December 2016. And the National Association of Realtors says existing home sales edged up 1.1 percent in 2017 to 5.51 million, the country’s highest mark since 2006. Sales slipped 3.6 percent last month. The group’s chief economist says rising wages and an expanding economy should lay the foundation for an uptick in sales to first-time buyers in 2018. But Lawrence Yun also warns if inventory conditions fail to improve, higher mortgage rates and prices will further eat into affordability and prevent many renters from becoming homeowners.