COLUMBUS – The residential real estate market in Columbus and the rest of the nation continues to suffer from a supply crunch, which is driving up prices and holding down home sales.
The number of home for sale in Central Ohio increased 8.3 percent over June but was still 14.1 percent behind July 2016, according to monthly data released Thursday by Columbus Board of Realtors.
The median price of a home was $194,900, up 8.9 percent over July 2016 and the highest on record for any single month, according to the report.
July home sales in the region were 3.9 percent lower than a year ago and a 10.3 percent decline over June
Nationally, home sales tumbled 1.3 percent as a shortage of properties on the market worsened.
Homes spent an average of 28 days on the market in the month of July, another record low for central Ohio.