Interest rates and the overall state of the economy appear to be having a big affect on the Central Ohio housing market, as sales tumbled more than 20% in September.
The group Columbus Realtors says 2,858 homes in the market exchanged hands in September. That’s down 20.4% from last September, when 3,592 home sold.
That follows sales drops of 10%, 12% and 13% in June, July and August respectively. While the average sale price of $331,287 last month was 10% higher than last September, the average sale price fell $6,676 from August to September.
Homes spent an average of 18 days on the market, up from 14 days in September 2021.
“Sellers will need to have a bit more patience when they list their home this fall,” said Columbus Realtors President Sue Van Woerkom in a press release. “Waiting for the right buyer will benefit them. Their homes are still holding tremendous value and then some,” Van Woerkom said.
The Columbus Realtors reports said homes in German Village, Plain City, Lithopolis and Sunbury outperformed the market in terms of time spent on the market and the average sales price.
Nationwide, the number of existing home sales fell 24% in September to the lowest level in a decade. The drop is largely blamed on interest rates, which are more than double those of just a few months ago.
Rising rates have slowed the pace of U.S. home sales for seven straight months as frustrated buyers throw up their hands and give up, unable to afford the bigger payments.
