High interest rates, low inventory lead Columbus home sales to drop for 15th month

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High interest rates and a shortage of homes for sale continue to take their toll on the central Ohio housing market, which saw sales drop in August for the 15th straight month.

During the month, 2,876 central Ohio homes changed hands, down more than 10% from 3,215 sales last August, according to the Columbus Realtors trade association. For the first eight months of the year, sales are down 15.4% from last year. Sales of Columbus-area homes have now fallen every month since May 2022.

A shortage of homes on the market, however, has kept prices climbing. The median sales price of a central Ohio home in August rose to $316,995, up 7.5% from $295,000 a year ago. For the year, home prices are up 5% in the Columbus area.

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