The board reported 1,994 existing single-family homes and condominiums were sold last month, down 8 percent from 2,166 sold in August 2008. Homes in contract, an indication of future sales, were off 16 percent at 1,569 units.
At the same time, the average sale price of an area home fell 4 percent to $168,873 from $175,632.
The board noted the inventory of homes on the market dropped 14 percent year-over-year last month to 14,552 homes, which represents a supply of little more than seven months, just above the high end of what’s considered a balanced market. The region’s market backlog a year ago was closer to an eight-month supply.
And while the board doesn’t track first-time buyers, the government’s $8,000 first-time home buyer credit has made its mark, said President Gary Parsons in a release. Officials estimate that roughly two in five Central Ohio home sales come from first-time buyers, who have until Nov. 30 to take advantage of the credit by closing on their homes.
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