Americans bought homes in June at the fastest rate in over eight years, pushing prices to record highs as buyer demand has eclipsed supplies. But the picture is not as rosy in central Ohio. Jim Letizia reports.
The National Association of Realtors says sales of existing homes rose 3.2 percent last month to a seasonally adjusted annual rate of 5.49 million - the highest rate since February 2007. Strong job gains since 2014 and relatively low mortgage rates have generated increased demand. But the market has a 5 months' supply of homes, compared to an average of six months in a healthy market. The Ohio Association of Realtors credits higher consumer confidence for a 1.8 percent existing home sales increase from May. Regionally, the Columbus Realtors trade association says June existing home sales figures declined by fourth-tenths of a point, with nearly 4 thousand homes changing hands last month. The national median home price is up by 6.5 percent over June of last year to 236-thousand 400-hundred dollars. The average home price in Ohio is up 4.8 percent over June of last year to nearly 172 thousand dollars. The average price of a central Ohio home last month was 206 thousand dollars, the highest for any month on record.
