Columbus-area home sales dropped sharply in October, giving buyers more choices as more homes are left on the market.
During the month, 2,558 central Ohio homes changed hands, down nearly 25% from last October, according to Columbus Realtors figures released Tuesday. For the year, through October, Columbus-area homes are down nearly 10% from the same period last year, as high interest ratesThe slowdown in sales means more choices for those buyers remaining. At the end of October, 3,772 homes were listed for sale in central Ohio, 28% more than a year ago.
“Through the summer, we continued to see homes selling for slightly over the asking price, but we are seeing a small shift that can result in some added value for the buyer depending on the location they are seeking,” said Sue Van Woerkom, this year's president of the Columbus Realtors trade group. Homes are also sitting slightly longer on the market. Central Ohio homes sold in October after being listed an average of 21 days, up from 15 days a year ago.Nationally, home sales have declined for nine straight months, as interest rates have remained above 6.5% for two months.
“That's really hurting affordability," said Lawrence Yun, chief economist of the National Association of Realtors. “Most household incomes have not risen by 40%.”
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