COLUMBUS, Ohio -- As 2008 comes to a close, Central Ohio homeowners face a great uncertainty about the future of their homes value. NBC 4’s Patrick Preston analyzed more than two years of housing data to see just how far values have fallen since their peak and what history suggest will happen next.
The most-recently available housing numbers from last month show November 2008 marked the worst month for housing sales and sale prices in Central Ohio since January 2001. Historical data suggests it will be at least three months before the numbers improve. From the local housing markets high-point in June 2006 to last month, home sales dropped from a peak of 2,872 homes sold in June 2006 to 1,153 homes sold in November 2008. Nearly a sixty percent plummet.
Thirty months ago, the average home in Central Ohio sold for $192,424 that is nearly $49,000 higher than last month’s average sales price of $143,418. Upper Arlington Realtor Barbara Lach looks for the positive and says Central Ohio’s price drop isn’t as bad as markets in California, Florida and Arizona. But as Americans hold off on big purchase decisions, the question is, how long will sellers have to wait for an uptick?
Typically, March is when housing sales will pick up again, but even that might be too soon in 2009. Realtors are hoping the market will get kick-started by 30-year mortgage rates now averaging a record low 5.14 percent rate.
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