COLUMBUS – Tight supply and rising prices hurt home sales in central Ohio and across the nation in October, according to reports released Monday.
Although the number of homes and condos added to the market during the month, a 6.8 percent increase over the previous year, data from the Columbus Board of Realtors shows inventory in the region remains lower than any year since 2000. The total inventory of homes for sale during the month of October in central Ohio was 13.5 percent lower than October 2014.
The median sale price increase of 3.3 percent from a year ago to $155,000. Rising prices were blamed for a 3.4 percent drop in home sales nationwide in October.
Nevertheless, the 2,348 homes sold in the Columbus area during the month was the second highest October on record and sales are running more than 9 percent ahead of the first 10 months of last year.
The number of homes sold across Ohio in October increased 4.9 percent from a year ago, the market’s 14th consecutive monthly year-over-year gain, and the best October since 2005, according to the Ohio Association of Realtors.
The average price of $150,509 is a 1.9 percent increase over October 2014.