COLUMBUS – Individual home sales in central Ohio continued to set price and speed records in June even as the pace of the overall market slowed down due to a shortage of homes on the market.
Homes spent an average of 23 days on the market during the month of June, 4 days fewer than May and the lowest on record, according to a monthly report released Monday by Columbus Realtors.
The median sale price of $212,000 was also a record and an 11.4 percent increase from a year ago. The median sales price for the first six months of the year was up 7.5 percent from the first half of 2017.
While sales were up 9.2 percent from May, they were down 5.1 percent from a year ago. Nationwide sales of existing homes fell for the third straight month in the face high prices and limited inventory.
The inventory in the Columbus market increased over May but was still down 3.2 percent from last June, leaving central Ohio with a 1.8-month supply of homes at the current sales pace. A stable market is general believed to be indicated by a six-month inventory, which is how long it takes to sell all the homes currently on the market if none are added.