October 21, 2013
Home sales continued to gain steam in central Ohio and throughout the state during September, while rising prices and interest rates cooled sales a bit nationally.
In central Ohio, 2,226 homes changed hands during the month, 13.1 percent more than last September. For the year, sales are up 22.4 percent from 2012.
Statewide, sales rose nearly 19 percent during September from a year ago.
Columbus-area homes are also selling more quickly and for more money than they did a year ago.
The median sales price of a central Ohio home so far this year has been $146,000, 4.3 percent above a year ago. Homes sold in an average of 69 days, down from 91 in 2012.
“Kids are back in school, fall is here, and the holidays are around the corner,” said Chris Pedon, president of the Columbus Realtors trade association, in a news release. “But we still have a lot of folks who are looking to buy a home.”
National home sales, however, dropped 1.9 percent from August, while remaining 10.7 percent above a year ago. (Unlike state and local sales, national sales are seasonally adjusted.)
Lawrence Yun, the chief economist with the National Association of Realtors, attributed the decline to rising prices and interest rates pricing some buyers out of the market.
“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” Yun said in a news release. “Expected rising mortgage interest rates will further lower affordability in upcoming months.”