The Columbus Board of Realtors® released the monthly and annual home sales report this week. As expected, home sales were lower by 13.5% from the previous year and home sale prices dipped 5%. Home prices were significantly influenced by record high inventory levels, and more homes sold in the lower priced ranges. "Yes, 2008 was a challenging year, but when you compare a 5 percent average price drop to other parts of the country, not to mention Ohio, it's clear why Columbus is consistently considered a stable market," said Gary Parsons, President of Columbus Board of Realtors
What about 2009? The key to returning balance to supply & demand is by reducing inventory levels which will lead to higher home prices. Historically low interest rates should prompt more buyers to return to the market.
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