(August 24, 2006) Home sales each month during the first six months of 2006 have been anywhere from three percent lower to ten percent higher than 2005 – a record year for real estate sales. However, sales in July dropped significantly supporting predictions that sales would slow this year. The 2,283 residential homes sold in July of 2006 was 14.1 percent lower than the 2,657 sales that closed in July of 2005 according to the Columbus Board of REALTORS®. “The drop in sales comes as no shock,” says Chris Reese, President of the Columbus Board of REALTORS®. “Our members have been reporting that showing activity was slowing down since the spring. A drop in showing activity usually results in a drop in sales 60-120 days down the road.” Even with the drop in July, home sales year to date are within neck and neck with 2005. “We’ve been fortunate to have had such excellent home buying activity this year when sales have been so sluggish in other parts of the country,” finishes Reese.
Inventory remains high but the number of homes listed in July of 2006 slowed to a pace comparable to last year. The 4,705 new listings added to the market last month was less than one percentage point higher than last year. With the new listings, there were 18,859 residential homes on the market as July closed which is 23 percent higher than last summer.
“I’m telling everyone now is the time to buy,” says Reese. “Interest rates fell slightly in July but are predicted to rise slowly throughout the course of the year. We have the highest number of homes on the market we’ve ever seen. And with fewer buyers, our sellers are working harder to be competitive. If you’ve considered buying a home, there will never be a better time to buy.” The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Licking, Fairfield, Knox, Logan, Marion and Pickaway Counties. To view residential and most of the commercial MLS listings, visit www.Realtor.com providing over 1.7 million homes every day. | | Additional Statistics 
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