Columbus homes sold fastest in nation during July

Homes sold fastest in Columbus and three other cities during July, according to a new report that also hints at some relief ahead for central Ohio home shoppers.

According to Realtor.com, Columbus-area homes sold in a median of 17 days during the month, tied with Denver, Nashville and Rochester, New York, for the fastest pace in the nation.

Homes in the Cincinnati area sold in 30 days and in Cleveland, they sold in 36 days, both faster than the national average of 38 days, according to the report. 

Despite the frenzied pace for home shoppers, the report also found more Columbus-area homeowners are sticking a for-sale sign in the yard. The number of homes listed in the Columbus area jumped 43% in July over a year ago, by far the biggest jump in the country and well above the U.S. average of 6.5%.

“July housing trends show a market still working its way back toward some version of normal," Realtor.com Chief Economist Danielle Hale said in a news release. "New listings grew at an unusually high rate for the summer months, further helping the inventory crunch."

Hale noted that many of the new listings tend to be smaller homes.

“Still, if these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year,” she said.

At the end of last week, 2,527 homes were listed in central Ohio, far below historic norms but slightly more than a year earlier. July's jump in Columbus-area home listings followed a 23% rise in listings in June.

If new listings continue to rise, the market may start to balance out, though for now, Columbus-area homes get snatched up as soon as they are listed, and the market remains firmly stacked in sellers' favor. 

Central Ohio homes sold in record time and for record prices in June, according to the National Association of Realtors.

In July, the median sale price of homes in Franklin County jumped 17% from a year ago to $250,000, according the Franklin County Auditor's "Real Estate Sales Dashboard."

“Home prices continue their meteoric rise as the market continues to thrive,” said Auditor Michael Stinziano. “Franklin County’s housing market continues to be one of the most robust in the nation.”

The median price of a central Ohio home listed in July was $305,000, according to Realtor.com. Among the nation's 50 largest cities, Cleveland had the lowest median list price in July at $215,000. At the other end of the spectrum was San Jose, California, where the median list price of a home was $1.25 million in July.

jweiker@dispatch.com

@JimWeiker