Industry News

Home buyers gain upper hand in Central Ohio

Huge inventory, falling prices grace market

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Central Ohio home sales in October dropped to their lowest level in four years amid a massive supply of listings, which sent the average sales price down further, the Columbus Board of Realtors reported. According to statistics, 1,982 homes were sold last month, down 9.7 percent from 2,196 a year earlier. Year to date, Central Ohio has recorded 22,672 sales, off last year's pace by 3.7 percent. The average price of a home sold in October sank 5.7 percent from a year ago to $166,266, and was down from $172,476 in September. Last month was the fifth straight month of price drops, falling from a high of $192,424 in June. Some 3,844 new listings came on the market in October, bringing the total number of active listings at month-end to 17,746, the board reported. October's supply of homes for sale fell from September but was 14.6 percent higher than a year ago. "It's not uncommon for sellers to take their home off the market during the holidays as buyers are distracted with festivities," ...