Housing Market Update
Summer break may be over, but the Central Ohio real estate market is still in full swing! Homes are still being listed, and buyers are still scheduling showings and attending open houses. Also, new condo guidelines released last week may open up more possibilities for first-time home buyers.
There were 3,334 central Ohio homes and condos sold during the month of July which was a 3.3 percent bump from June and almost four percent higher than a year ago.
“The new condo guidelines released by HUD last week could help would-be buyers become eligible for an FHA-backed mortgage,” said John Myers, 2019 President of Columbus REALTORS®. “Condos are often the most affordable, attractive option for first time home buyers.”
“These new rules have the potential to transform our housing market and regional economy, easing affordability constraints, maximizing first-time homebuyer assistance programs and putting homeownership in reach for countless families that would have continued to be denied this critical wealth-building opportunity.”
There were 3,868 central Ohio homes and condos put on the market during the month of July, and the total inventory of homes for sale last month climbed to 5,009, the highest this year. The average sales price last month was $251,936, up 5.6 percent from a year ago.
“Even though homes are selling for higher prices due to the lack of inventory and strong demand, sellers need to be realistic when pricing their home,” added Myers. “Homes priced too high over their competition will usually sit on the market longer which can be a deterrent to would-be buyers.”
“That’s why it’s critical that sellers consult with a REALTOR® when marketing their home.”