COLUMBUS – Home sales in central Ohio and around the nation fell in April, thanks to tight supply and rising prices.
U.S. home sales slid 2.3 percent and sales in the Columbus market slipped 2.1 percent from March and 10.9 percent from April 2016, according to the monthly report from the Columbus Board of Realtors.
“Last month marked the first dip in home sales in nine months. There’s little doubt that the number of home sales would have been higher had we had more inventory,” board president Mic Gordon said.
The slightly more than 3,500 homes and condos put up for sale last month was 5.1 more than March but 10 percent fewer than one year ago, leaving unsold inventory at a 1.6-month level, the board’s data indicated. A six-month inventory is considered optimum for maintaining a healthy residential real estate sales climate.
The median sales price of $180,000 was 7.1 percent higher than a year ago and homes were selling after 40 days on the market, almost a week sooner than in March and nearly two weeks quicker than in 2016.
Nationwide, the number of properties listed for sale has plunged 9 percent over the past 12 months while the median sales price has risen 6 percent to $244,800.