After months of record-breaking prices, the group Columbus Realtors is taking the relatively rare step of telling people about a looming “market correction.”
A release from the real estate group says the average August sale price for Central Ohio homes was $243,558. That’s 6.3% higher than the previous August.
The continued price increases come amid continued low inventories of homes for sale. Columbus Realtors says 3,690 Central Ohio homes came on the market in August, down 4.6% from July and 3.4% lower than August 2018.
“Given the low unemployment, wage growth and low interest rates, most economists today don’t foresee a recession in the near future. However, the housing market along with the economy is cyclical and a market correction is inevitable at some point,” the release says.
If a recession were to occur, Columbus Realtors president John Myers says the market provides some protections.
“Lower housing supply up against strong buyer demand as well as record home equity would cushion the effects of any recessionary activity we might see,” Myers wrote.
Columbus Realtors defines Central Ohio as all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties, and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.
