Home prices, sales, inventory continue positive trends
Key indicators point to increased stability in central Ohio market
Home sales and inventory levels remained steady in July, as more than 2,000 homes were sold, and sales were off by only 2.9 percent compared to 2008 levels, the Columbus Board of REALTORS® said today.
"Pricing, inventory, and supply levels all show that we are coming out of the bloated housing market we saw a year ago," said Gary Parsons, president of the Columbus Board of REALTORS®.
"These key factors in real estate are all remaining consistent and balanced - signs that the central Ohio housing market continues to head in the right direction."
At $167,039, July's average sales price was only off 4 percent compared to the same month in 2008.
Total inventory and new listings both fell by double digits, indicating a housing market that is more balanced than last summer.
With 14,880 listings on the market, inventory is down 16 percent from the more than 17,000 homes which were for sale this time last year; new listings were also down 16.2 percent in July compared to 2008.
The month's supply number for July continued to remain favorable at 7.23, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory.
A market is typically considered balanced with around a 6.5 to 7 month supply.
"It appears the end of summer and early fall are going to remain strong in central Ohio as sellers take advantage of favorable pricing, and incentives like the $8,000 first-time homebuyer tax credit," Parsons said.
"With just 101 days left until the tax credit expires, we encourage those fence sitters to act now."
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About Denise Friend Foster:
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