The Columbus REALTORS® Multiple Listing Service says November home sales increased 12.7 percent.
Year to date sales are up 3.6 percent and expected to end 2020 as the highest sales year in central Ohio history. " class="wysiwyg-break drupal-content" src="/sites/all/modules/contrib/wysiwyg/plugins/break/images/spacer.gif" title="<--break-->">The group says 2,902 homes were put in contract last month suggesting another increase for December.
A big reason for the region's strong housing market - sales between $350,000 - $500,000. Homes in that price range have accounted for 14 percent of the year's sales, an increase of almost 28 percent from 2019. Last month's average sales price of $269,391 marks an increase of more than 15 percent from November 2019.
Home sales in more affordable price ranges are down simply because there's not enough inventory to meet the demand, according to Columbus Realtors president Andy Mills.
“Traditionally, housing activity recedes slightly when kids go back to school and the holidays approach,” Mills said. “But virtual school and flexible work from home schedules fueled by record low interest rates have proven just the opposite as demand for housing continues to escalate.”
Meanwhile, Ohio REALTORS says statewide home sales and the average home price both increased more than 14 percent last month compared with November 2019. Ohio sales activity has increased 3.1 percent in 2020.
The National Association of Realtors says existing home sales declined 2.5 percent nationwide, snapping a five-month streak of gains.