Housing Market Update
The holidays are upon us, and a new a home for the new year would be a wonderful gift for the whole family! Favorable interest rates, new inventory, a rise in sales contracts and strong price growth contributed to keeping the housing market active last month according to the Columbus REALTORS® Multiple Listing Service.
“Housing activity tends to start to cool as the temperatures drop but we’ve seen inventory rise throughout most of 2019, including last month,” said John Myers, 2019 President of Columbus REALTORS®. “Given our struggle over the last several years to provide the homes needed to meet the demand, this is a boon for those in the market to buy their first or next home.”
Although temperatures decreased over the past month, the number of homes on the market increased. There were 3,285 central Ohio homes and condos added to the market last month, a 7.4% increase over the previous year.
3,258 homes went into contract in October, which was up from the previous month (2.3 percent) and 6.6 percent higher than last year.
“Pending home sales are a strong indicator of sales to come,” added Myers. “Favorable mortgage rates have been a significant contributor as they help all buyers afford more home and often are the reason first-time buyers are able to get their foot in the door.”
Strong inventory combined with great mortgage rates provide the perfect opportunity to buy your family a dream home for the holidays. Feel free to contact me anytime with your real estate questions or to schedule a tour of your next home!