Demand slips for Central Ohio real estate

Central Ohio home sales were off 5 percent in August from a year ago, as near-record inventory continued to cut into prices, the Columbus Board of Realtors reported.

According to statistics, 2,732 homes were sold in August, down from 2,875 a year earlier. Year to date, Central Ohio has recorded 18,389 sales, which is 1.5 percent below the same period last year.

Inventory maintained a near-record high of 18,753 homes at the end of August, as 4,913 new listings were added to the market, the board reported. August's supply of homes for sale was 20.9 percent higher than the year-ago level.

The average price of a home sold in August fell to $179,782, down 2.1 percent from $183,572 in August 2005, and down from $184,521 in July 2006.

The Columbus Board of Realtors Multiple Listing Service serves all of Franklin, Delaware, Union, Madison and Morrow counties, and some of Licking, Fairfield, Knox, Logan, Marion and Pickaway counties.

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