A report released Wednesday by Columbus REALTORS shows that home sales were down by 10% in June. Pending sales were also down by 14% in June and may indicate slowing sales for July. A few factors have caused the decline.
Sue Van Woerkom is the president of Columbus REALTORS. She said high interest rates, inflation and rising home prices are to blame.
"I think this is our new reality, but I don't think we're heading into anything like we had back in '08 or '09 or anything like that," Woerkom said.
Van Woerkom says despite the drop in sales, the market is still competitive and at least two-thirds of homes sold this spring were above the list price.
"So we're still short on inventory and we still have high demand,” she said. “Our market has slowed a little, but we are far from stagnant"
The median price of homes sold during the first half of 2022 is up by 15% this year.
