After a strong start to the spring home buying season in March, existing home sales fell in April in Ohio and around the country.
Mike Foley reports.
The National Association of Realtors says existing home sales dipped 2.3 percent to a seasonally adjusted annual rate of 5.57 million in April from a downwardly revised 5.70 million in March. Industry analysts say demand is outstripping supply in most of the country, and it's stymieing many prospective buyers from finding a home to purchase. Given the insufficient number of homes available for sale, experts say there’s instant interest when a home gets listed, and multiple offers are nudging the eventual sales prices higher. The Ohio Association of Realtors says sales in April reached a seasonally adjusted annual rate of 152,322, a 2.4 percent decline from March. April’s average home price in Ohio of $170,318 reflects a 4.2 percent increase from March. The Columbus Realtors Multiple Listing Service says 2,479 homes and condos were sold in central Ohio during April, a drop of 2.1 percent from March. The average sale price of $215,246 marks an increase of 5.6 percent from March. Columbus analysts say now’s the time to put a home up for sale, as the warmer temperatures and longer daylight hours should stimulate greater buyer activity.