COLUMBUS, Ohio – Already tepid, the Columbus real estate market cooled off a few degrees in July, according to data released Thursday by the Columbus Board of realtors.
The 2,758 homes and condos that changed hands in the Columbus metropolitan area in July was 3.4 percent fewer than in June and a 6.6 percent decrease from the July 2013, according to the board’s monthly report.
At the same time, sales of existing U.S. homes rose for the fourth straight month to their highest level in nearly a year.
The total number of new listings was up 4.3 percent from last July 2013 and, although the total inventory of homes for sale increased, as did prices, sales lagged behind the previous month’s pace for the seventh consecutive month.
Central Ohio realtors remain confident, however. The Ohio Association of Realtors says 95 percent of Columbus area realtors describe the current housing market as “moderate” to “strong” and expect it to remain so over the next six months.
The median price for a home in the Columbus market was $194,000, a 3.4 percent increase over the average price for all of 2013. The statewide organization says 90 percent of central Ohio realtors expect housing prices to rise over the course of the next year.
A trend toward buyers paying with cash has picked up steam: The association says, compared to last year, 62 percent more central Ohio realtors saw buyers pay entirely with cash.