COLUMBUS – Last year, August marked the 92nd consecutive month of year over year declines in inventory. After seven months of increased supply, central Ohio now has five months of year over year inventory decreases under its belt again this year.
There were only 3,690 central Ohio homes and condos added to the market during the month of August which was 4.6 percent fewer than July and 3.4 percent behind the same month a year ago.
The added inventory brought the total number of homes and condos for sale in central Ohio up to 5,187 which was up 3.6 percent over the previous month, but down 4.5 percent from August 2018.
Given the low unemployment, wage growth and low interest rates, most economists today don’t foresee a recession in the near future. However, the housing market along with the economy is cyclical and a market correction is inevitable at some point.
“The shortage of homes for sale actually works in favor of the housing market,” said John Myers, 2019 President of Columbus REALTORS®. “Lower housing supply up against strong buyer demand as well as record home equity would cushion the effects of any recessionary activity we might see.”
There were 3,230 central Ohio homes and condos sold during the month of August which was down 0.6 percent compared to the same month last year and 3.1 percent lower than July 2019.
The average price of a home sold in central Ohio year to date (January through August) climbed to $243,558, an increase of 6.3 percent over August 2018. The median price of a home sold during the first eight months of the year was $211,000, up 8.2 percent from the previous year.
The median price of a home sold in central Ohio year to date (January through August) climbed to $211,000, up 8.2 percent from the previous year. The average price of a home sold during the first eight months of the year was $243,558, an increase of 6.3 percent over August 2018.
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.
“Although home values have been increasing steadily over the last several years, home owners still need to be realistic when pricing their home for sale,” added Myers. “Buyers may become wary of overpriced homes and could choose to wait rather than pay too much for a home today.”
Current housing report – August 2019 <http://www.columbusrealtors.com/Uploads/Documents/Stats/19-08_HsgRpt.pdf>
All housing reports <http://columbusrealtors.com/stats>