June 2003

Home sales jump 14 percent in June

(July 16, 2003)  Central Ohio home sales saw a 14.3 percent increase last month.  Over 2,384 homes were sold compared to the 2,086 homes sold in June of 2002 according to the Columbus Board of REALTORS®.   At the half way mark, year to date home sales are 3.6 percent ahead the same period last year.

“Central Ohio buyers understand and are taking advantage of the incredible opportunities offered by the current low mortgage interest rates,” said Bob Miller, President of the Columbus Board of REALTORS®.  “The lower rates translate to lower mortgage payments.  Not only does this help current homeowners afford more home, it is enabling others who previously could not afford a home, to reach the American dream -- owning their own first home.”

At $180,811, the average home sale price in June was 8.2 percent higher than the average one year ago.  Year to date, Central Ohio homes are selling for an average of $165,544 which is 5.2 percent higher than the average home price for the first six months of 2002.  Over $1.8 billion dollars worth of homes have been sold in the first half of the year, which is 9.1 percent higher than last year.

“As home appreciation for the last six years has averaged 3.8 percent, the 5.2 percent increase we’re seeing currently is excellent news for home owners,” adds Miller.  “This increased appreciation, in the face of our disappointing stock market these past couple years, is one more strong argument that housing, here in Central Ohio, is a smart investment.”

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Union, Madison and Morrow Counties and some of Licking, Fairfield, Knox, Logan, Marion and Pickaway Counties.  For residential and most of the commercial MLS listings, visit  www.Realtor.com  providing over 1.7 million homes every day.

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