Central Ohio home sales inched up in November, ending a three-month skid, according to figures released by the Columbus Realtors trade group.
During the month, 2,392 Columbus-area homes changed hands, up 0.6% from a year ago.
Home prices continued to climb, with central Ohio homes selling for a median of $189,900, up 5.5% from a year ago. A shortage of homes for sale continues to push up prices, but Realtors noted that the number of owners who put their homes on the market rose 5% from a year ago.
There were 2,207 homes listed for sale in November, the highest number of new listings for November since 2012.
“Inventory levels have been at record lows in recent years, so the additional homes for sale has been a welcome change for local buyers,” Columbus Realtors President Sara Walsh said in a news release. “This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the central Ohio market.”
Central Ohio home sales through the first 11 months of the year are 1.6% below the same period in 2017, and are likely to drop even more in December.
“Given that pending sales were down eight percent last month, it’s unlikely that 2018 will pull ahead, in terms of home sales, by the end of the year,” Walsh said.
Statewide, seasonally adjusted home sales fell 1.3% from October, according to Ohio Realtors.
Nationally, home sales fell to a seasonally adjusted annual rate of 5.32 million in November, up 1.9% from October but down 7% from a year ago, according to the National Association of Realtors.
“The market conditions in November were mixed, with good signs of stabilizing home sales compared to recent months, though down significantly from one year ago. Rising inventory is clearly taming home price appreciation,” Lawrence Yun, NAR’s chief economist, said in a news release.
The median existing U.S. home price in November was $257,700, 4.2% higher than last year. First-time home buyers accounted for a third of November home sales.
Tribune Content Agency