COLUMBUS, Ohio – The residential real estate market is on pace to enjoy its second-best year ever, according to data released Wednesday by the Columbus Board of Realtors.
Even though sales in October were 2.1 percent lower than a year ago, the 23,292 homes and condos sold since January are 20 percent ahead of last year’s pace and second only to the 23,540 sold between Jan. 1 and Oct. 31 in 2005, the board reported.
The pace of sales has been brisk despite the lowest inventory of unsold home at this time of year since 2002. The inventory in October was 4.6 months, meaning that is how long it would take to sell all available homes if none were added to the market. A six-month inventory is an indicator of a well-balanced market. Inventory in central Ohio has been dropping steadily over the last couple years, board officials said.
As a result, home prices are rising. The median sale price in October of $140,000 was 6.2 percent higher than a year ago and is 4.0 percent higher for the year to date.
Home sales across Ohio increased 8 percent last month as the statewide market posted year-over-year gains in activity for the 28th consecutive month, according to the Ohio Association of Realtors.