Industry News

Central Ohio real estate sales surge to new high

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Central Ohio home sales in October rose 5.9 percent from a year ago and set a record for the month, the Columbus Board of Realtors reported this week. Realtors reported 2,196 home sales last month, up from 2,073 in October 2004. According to Doug McCloud, president of the Columbus Board of Realtors, last month's record is anywhere from 6 percent to 51 percent higher than homes sold in October in the last five years. The average home sales price in October was $176,326, down just 0.2 percent from $176,527 in October 2004. Housing inventory remains at an all-time high with more than 15,000 residential homes listed for sale, roughly 23 percent more homes than were on the market in the fall of 2004. "With the housing inventory so high right now, buyers are taking their time in choosing their next home," McCloud said. "For this reason, properties are taking longer to sell than at the same time last year when our inventory was considerably lower." The Columbus Board of Realtors Mult...