//Central Ohio home sales and prices up in February

Central Ohio home sales and prices up in February

Central Ohio home sales rose 3.7% in February from a year ago, the biggest jump in more than a year.

Prices jumped 7.2%, another indication that the spring housing market is off to a strong start.

February’s numbers, however, also hinted at some softening: Homes took longer to sell during the month than they did a year ago.

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During February, 1,744 central Ohio homes changed hands, up from 1,681 last February, according to Columbus Realtors trade group data. The median sales price rose to $189,700 from $177,000 a year earlier.

“As mortgage interest rates have come down, more buyers have re-entered the market and competition remains fierce,” Columbus Realtors President John Myers said in a news release. “Realtors report that, if a house comes on the market that is in good condition and is realistically priced, it is likely to sell quickly.”

In February, 3,613 homes were listed, well below the norm but 7% higher than last year.

“As the end of winter is on the horizon, we’re going to see more houses listed for sale,” Myers said.

Statewide, sales rose 2.7% from a year ago while prices jumped 10.5%.

Nationally, seasonally adjusted home sales rose 11.8% in February to an annual rate of 5.51 million, the biggest month-over-month gain since December 2015, according to the National Association of Realtors.

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound,” Lawrence Yun, NAR’s chief economist, said in a news release.

On a national level, homes sold after being on the market an average of 44 days, up from 37 a year ago. The median existing-home price in February was $249,500, up 3.6 percent from last year.

Tribune Content Agency

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