Area Homes "In Contract" Climb to 11-Month High!
Posted by Mike Parsons
August 21, 2008 at 08:07 PM
Low interest rates and high inventory added up to more homes going into contract in July. More homes in fact than any other month since August 2007 as new listings fell, according to the Columbus Board of Realtors.
A drop in new listings in July helped contribute to declining inventory levels. The number of homes on the market, 17,707, slid nearly 12% compared to July 2007.
July was also central Ohio's second highest month for home sales, just slightly below the years strongest month with 2,242 home sales.
Greg Hrabcak, President of the Columbus Board of Realtors, said "Programs such as the first-time homebuyer tax credits in the recently passed Housing and Economic Recovery Act should motivate even more buyers in the coming months." He also added, "I think people who don't take advantage of the favorable market conditions now are going to look back five years from now and say 'What was I thinking?'"
Year to date sales of homes through July total 12, 869, 13.8% behind the July 2007 total, but still in keeping with pre-boom leels.
The average sales price of a home in central Ohio in July was $173,940.
-Information derived from Columbus Board of Realtors
