Columbus home sales dropped sharply in August, offering another sign that the housing market is cooling. But prices continue to climb.
Columbus-area home sales dropped sharply in August, offering another sign that the region's housing market is cooling.Central Ohio home sales dropped 13% in August compared with last August, continuing. For the year, Columbus-area sales are down more than 5%, despite the region's growing population.
“The rising mortgage rate has clearly hampered the housing market,” said Lawrence Yun, chief economist with the National Association of Realtors.Buyers hoping the sales slide will lead to a decline in prices, however, continue to be out of luck. The median price of a Columbus-area home that sold in August was $295,000, more than 7% higher than a year ago. For the first eight months of the year, central Ohio home prices are up more than 11% compared with the same period in 2021.
Nationally, home sales dropped for the seventh month in a row in August, to the slowest annual pace since May 2020, near the start of the pandemic. The national median home price jumped 7.7% in August from a year earlier to $389,500.
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