Local Housing Market Hits 8-Year Low

COLUMBUS, Ohio—The Central Ohio housing market has hit an eight-year low.

Sales figures released Wednesday for the month of January show for the first time since Jan. 2001 that fewer than 1,000 homes sold in Central Ohio in a single month.

The 959 homes sold in January constitute a nearly 22 percent drop from sales in Jan. 2008.

The average sales price last month was $137,446—which is $15,000 less than the average sale price of $152,790 one year ago.

“We’re trying to be positive, trying to make the best out of a soft market,“ said realtor Steve Hertz. “I had an open house Saturday and had 22 people through the home. That gives me optimism, actually.“

Realtors are hoping for help from low interest rates and the $8,000 homebuyer tax credit included in the economic stimulus plan signed into law this month.

The credit works like a refund of taxes owed to the federal government for ten percent of a home’s value up to $8,000.

First-time home buyers and buyers who haven’t owned a home in three years are eligible, but the credit only applies to homes bought between January 1 and Dec. 1. Buyers also must live in the home for three years.

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