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Central Ohio Housing Market Sees More Inventory But Fewer Sales In July

For four straight months in central Ohio, a more than 20 percent increase in new listings has been met with a double-digit rise in home sales. That changed in July as the market cooled off last month.

The Columbus REALTORS® Multiple Listing Service says 4,612 homes were added last month. But at 3,630, the number of home sales increased just 2.7 percent - a significant change from the double-digit increases seen in eight of the last 10 months in central Ohio. The time it took to sell a home remained at 11 days last month, but that may change according to Columbus REALTORS® President Michael Jones. 

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” Columbus REALTORS® President Michael Jones said. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

July's average sales price of $313,737, marks a nearly 13 percent increase from July of 2020. The median sale price rose 12.2 percent to $275,000.

Meanwhile, home sales activity statewide fell slightly in July, the market’s first monthly year-over-year decrease in 2021 according to Ohio REALTORS. The group reports sales slowed almost 4 percent compared to July 2020.

Ohio REALTORS President Seth Task noted that it's a sign the housing market is beginning to stabilize and that there's a traditional market slowdown as the start of school approaches.

The average sales price across Ohio reached $252,162, a 12.9 percent increase from last year.

Mike Foley joined WCBE in February 2000, coming from WUFT in Gainesville, Florida. Foley has worked in various roles, from producing news and feature stories to engineering Live From Studio A sessions. A series of music features Foley started in 2018 called Music Journeys has grown into a podcast and radio show. He also assists in developing other programs in WCBE's Podcast Experience. Foley hosts The Morning Mix, a weekday music show featuring emerging and established musicians, our Columbus-area and Ohio-based talent, and additional artists that inspire him.
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