COLUMBUS – An increase of homes on the market and the typically busy summer season helped the Columbus real estate market maintain its blistering pace, setting new records for home prices.
“Astute sellers realize it’s a smart time to list their home and take advantage of this seller’s market. This past month we saw a significant increase in inventory, and buyers wasted no time in purchasing,” 2017 Columbus Board of Realtors Mic Gordon said.
The median sales price of a home in June was $192,650, up 7.0 percent from last year, the 86th consecutive month of year-to-year gains, according to data released by the board Monday morning.
The median sales price of a home for the first half of the year was $179,900, 6.4 percent higher than the first six months of 2016. Both figures are records for the market, Gordon said.
With the addition of 4,201 homes and condos to the market in June, the area’s housing inventory grew by 10.2 percent over May, but still remains 14.2 percent lower than June 2016.
Home prices have grown by 39.7 percent since April 2013, the last time the median price decreased from the previous year.
Sales during June were 7.1 percent higher than May, but only 0.4 percent higher than the year before, mirroring the nearly flat year-to-year growth for the first half of the year, mostly due to the shortage of home for sale.
Homes sold in 29 days, on average, in June, seven days faster than June 2016.
Nationwide, home purchases slipped 1.8 percent in June amid climbing prices, declining number of homes for sale.