Industry News

Central Ohio: ‘Still a buyer’s market’

Home sales gain for second month as supply soars

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Central Ohio home sales rose 3.8 percent in June from their year-ago level amid record inventory, the Columbus Board of Realtors reported. According to statistics, 2,872 homes were sold last month, up from 2,766 homes sold in June 2005. Year to date, Central Ohio has recorded 13,192 sales, which is 2.8 percent higher than the period last year. At the end of June, there were 18,641 residential homes for sale, which is up 25.7 percent from June 2005, the board reported. Inventory levels during the first six months of 2006 have been anywhere from 25 percent to 40 percent higher than last year, according to the board. "The record levels of inventory this year have not frightened off sellers," said Chris Reese, president of the Columbus Board of Realtors. "Over 5,116 homes were listed in June by owners anxious to sell. At this rate, provided no additional homes are added to the market, it would take 6.5 months to sell all of our inventory. Last summer we were closer to a 5.5 abso...