National, local sales down as prices rise

WASHINGTON — Fewer Americans bought homes in October, a sign that rising home values might be pushing more would-be buyers to the realestate market’s sidelines.

The National Association of Realtors said on Monday that sales of existing homes fell 3.4 percent last month, to a seasonally adjusted annual rate of 5.36 million.

In central Ohio, home sales fell 3.3 percent, to 2,348, but remain up 9.1 percent for the first 10 months of the year, according to figures from the Columbus Realtors trade group. Statewide, monthly sales were down 2.7 percent, but were up 4.9 percent for the year to date, according to the Ohio Association of Realtors.

The decline comes after strong growth in home-buying for much of 2015, bolstered by steady job gains and low mortgage rates. Nationally, the median home sales price was $219,600 in October, a 5.8 percent annual increase.

In central Ohio, the median sales price rose 3.3 percent, to $155,000, and the average price rose 1.7 percent, to $184,733.

Sales fell sharply in the West and South where prices have risen at the fastest rates this year. Purchases declined 8.7 percent in the West and 3.2 percent in the South, while dipping 0.8 percent in the Midwest and staying unchanged in the Northeast on a seasonally adjusted basis.

Tight inventories are curbing enthusiasm among some homebuyers. Just 4.8 months’ supply of homes is available nationally, well below the 6 months associated with a balanced market.

In central Ohio, the inventory level stands at 3 months, and homes sold, on average, in 50 days, compared with 61 days for homes that sold in October 2014.

“Not only has inventory been extremely low this year, we’ve averaged 15 percent-to-18 percent decreases over 2014 — which was also down,” said Kathy Shiflet, president of the Columbus Realtors group, in a statement.

That was not the case last month, her group noted, when 2,905 central Ohio homes went on the market, an increase of 6.8 percent over October 2014.

“The increase in new listings in the last three months has been good news as it suggests the disparity is shrinking,” she said.