The housing market in central Ohio, which rebounded nicely when the federal tax credits were offered in 2009 and early 2010, today is looking like "more of the same."
According to the Columbus Board of REALTORS® (CBR), the number of homes sold and the average price of homes sold from January though October 2010 are nearly identical to the statistics from 2009.
The number of homes sold from January through October was 16,891 - almost identical to the 16,932 homes sold in the same period of 2009. Average sale price so far this year is $160,671 compared to $161,623 last year.
"While we certainly would like to see a more lively housing market, we're just pleased that year-to-date numbers are holding their own," says CBR President Sue Lusk-Gleich.
Home sales are likely to grow in 2011, but not too quickly. According to the New York Federal Reserve Bank, household finances are improving, and major purchases will increase as well.
Freddie Mac reports that the average 30-year fixed mortgage rate in October 2010 was 4.23 percent - the lowest rate since the statistics were first recorded by Freddie Mac in 1971. Ten years ago, the rate was 7.8 percent; 20 years ago, it was 10.17 percent; 30 years ago, it was 13.79 percent. According to Lusk-Gleich, "The time to buy is now."
"Those of us in the real estate profession continue to talk about how perfect this market is for many buyers - especially for those purchasing their first home," Lusk-Gleich adds.
Comments(0)