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The Commerce Department also showed a 4.3-month supply of new homes available by the end of July, which is the fewest number of homes for sale in three years.
By region, new-home sales rose by the highest percentage in the Northeast, up 40 percent month-over-month. They also were up 18.1 percent in the South and 1.2 percent in the Midwest. In the West, sales remained unchanged in July.
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Central Ohio Housing Report - April 2017
Central Ohio home prices rising
The median list price of new listings for central Ohio homes and condos during the month of April was $199,950, an 8.1 percent increase over April 2016 and a 1.0 percent increase from March. This is a new record high according to the Columbus REALTORS® Multiple Listing Service.
“We continue to see increased buyer presence which is fueling home price escalation,” said 2017 Columbus REALTORS® President Mic Gordon. “With this kind of demand, some homes are even selling for higher than list price.”
There were 3,543 central Ohio homes and condos added to the market in April, which is a 5.1 percent increase over March, although a 10 percent decline over the same month a year ago.
This left inventory at 4,338 which was almost three percent higher than the previous month, but is still just over 19 percent lower than a year ago and has fallen year-over-year for 75 straight months. Unsold inventory is at a 1.6-month supply at the current sales pace (unchanged from the last three months).
The 2,479 central Ohio homes and condos sold during the month of April slipped 2.1 percent from the previous month, and 10.9 percent from April 2016.
“Last month marked the first dip in home sales in nine months,” Gordon said. “There’s little doubt that the number of home sales would have been higher had we had more inventory.”
Homes spent an average of 40 days on the market in April, which is 6 days fewer than March and 12 days less than April 2016.
The averages sale price of a home in April was $215,246, an increase of 7.1 percent over the same month a year ago and 5.6 percent above March.
“If you’ve considered putting your home on the market, now is the time to do so as the warmer temperatures and longer daylight hours stimulate even greater buyer activity,” added Gordon.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 98 percent of central Ohio REALTORS® said they would describe the current housing market as moderate to strong and 95 percent expect home prices to rise over the next year.
When asked about reasons transactions haven’t closed in the past year, 53 percent cited inspection issues and 30 percent cited issues rising from appraisals.