COLUMBUS – An influx of new listings fueled home sales in central Ohio in April with average-priced homes being snatched up by eager buyers who are still racing each other to grab homes from slim pickings.
The number of new residential listings in the Columbus market increased by 15 percent from March to April, driving sales up 3.6 percent compared to a year ago, though the pace during the first four months 2019 is still lagging behind that of the previous year, according to data released Tuesday by the Columbus Realtors.
The number of homes sold jumped 23 percent from the month before with homes under $350,000 selling in an average of 26 days, a little more than half as long as those priced between $350,000 and $500,000 and nearly 40 days quicker than those in the $500,000 to $700,000 price range.
The tight supply continues to drive up home prices in the area. The median sale price of a central Ohio home sold in April was $213,600, up 12.4 percent from one year ago.
Nationally, home sales slipped 0.4 percent in April amid affordability and supply challenges.
The National Association of Realtors said Tuesday that home sales have struggled despite the solid job market and lower mortgage rates as buyers grapple with home prices that have consistently risen faster than wages for much of the past seven years, while construction and sales listings have not responded to pent-up demand from would-be buyers.