Increase In Local Sales Of Existing Homes

Feb 22, 2013

Sales of existing homes in Central Ohio and the rest of the nation rose in January.

 Alison Holm reports.

The Columbus Board of Realtors says the number existing homes sold in its 20
county region rose by 20 percent last month to more than 25-hundred as
compared to January of 2012. It's the highest rate for January since 2007,
the year before the Great Recession. The Board says the figures are no
surprise because activity was abnormally high during the slower end of the
year months. Statewide, The Ohio Association of Realtors says existing home
sales rose by nearly 19 percent to more than 72-hundred last month, the third
highest figure ever recorded for January. The Board credits lower interest
rates and cheaper housing prices. Meanwhile The National Association of
Realtors says sales rose four-tenths of a percent in January compared to
December for a seasonally adjusted annual rate of 4.92 million. That is the
second-highest sales pace since November 2009, when a temporary home-buyer
tax credit boosted sales. The improved figures come despite a decline in the
supply of existing homes for sale to nearly an eight-year low in January. The
national median sale price was nearly 174-thousand dollars, up by more than
12 percent from a year ago. Ohio's median sale price was more than
120-thousand dollars, up more than 4 percent from January of last year.
Central Ohio's median sale price was more than 149-thousand dollars, a five
percent increase from last year.