Despite rise in interest rates, housing sees significant gains
(August 15, 2003) Central Ohio home sales saw a 16.5 percent increase last month. Over 2,497 homes were sold compared to the 2,144 homes sold in July of 2002 according to the Columbus Board of REALTORS®. Year to date, home sales are 5.8 percent ahead the same period last year.
“Even with the slight increase in mortgage interest rates, home buyers are still able to get a rate far below what they have been in the past several years, said Bob Miller, President of the Columbus Board of REALTORS®. “This continues to help the first time home buyer get into a home as well as the move up buyer to purchase a larger home. Remember, lower interest rates equal more buying power for your dollar.
At $178,453, the average home sale price in July was 7.3 percent higher than the average one year ago. Year to date, Central Ohio homes are selling for an average of $167,581 which is 6.1 percent higher than the average home price for the same period last year. Almost $2.3 billion dollars worth of homes have been sold in the first seven months of the year, which is 12.2 percent higher than last year.
“Housing remains one of the best investments you can make in Central Ohio,” said Miller. “Thanks to my fellow REALTORS®, the media and the excellent housing stock, home sales are booming and we’re headed toward another record year!”
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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