Central Ohio home sales burst in May

Driven by pursuit expansion and low seductiveness rates, executive Ohio home sales jumped some-more than 5% in May, a biggest jump in dual and a half years.

During a month, 3,226 Columbus-area homes altered hands, 5.6% some-more than a year earlier, a Columbus Realtors trade organisation pronounced Friday. It was a largest year-over-year boost given Nov 2016.

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Sales rose notwithstanding a continued escalation of prices. The median sales cost of a Columbus-area home rose 7.8% from a year ago to $220,000 in May.

Prices were offset, however, by unusually low seductiveness rates. The average 30-year debt rate is 3.84% this week, down from 4.57% a year ago, according to Freddie Mac.

“Although increasing home prices competence seem like a deterrent, a dump in debt seductiveness rates over a past 3 months means that housing affordability is a best it’s been in a year,” pronounced Columbus Realtors President John Myers in a news release.

Home sales also rose statewide and nationally.

After dual months of declines, U.S. home sales rose 2.5% from Apr to a seasonally practiced turn of 5.34 million homes, according to a National Association of Realtors. Sales nonetheless sojourn 1.1% next a year ago.

Nationally, prices climbed 4.8% from a year ago to a median cost of $277,600.

Statewide, 15,567 homes altered hands opposite Ohio in May, 3.5% some-more than a year ago, according to a Ohio Realtors. The normal cost of an Ohio home rose 7.1% to $200,777.

“Activity levels in May were plain opposite a Ohio marketplace, with would-be buyers relocating off of a sideline and into a home,” pronounced Ohio Realtors President Anjanette Frye. “Coupled with a solid arise in a gait of sales, a marketplace is also saying a normal sales cost trend upward.”


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Article source: http://www.nationalmortgagenews.com/articles/central-ohio-home-sales-jump-in-may

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