Central Ohio homes sold at a blistering pace in May, as potential buyers outnumbered sellers.

Homes that sold during the month were listed an average of 64 days, down from 75 days in
April and well below the typical 90 to 100 days on market.

The pace is driven by high demand for homes coupled with an unusually low number of homes for
sale.

About 8,800 homes were listed in central Ohio at the end of May, up from April but 12.9
percent lower than last May. At the current sales pace, Central Ohio homes for sale would all be
bought in 3.7 months, well below the six-month supply considered balanced between buyers and
sellers.

“We’re averaging over 125 homes listed for sale daily, but the demand continues to outpace
the supply,” said Milt Lustnauer, this year’s president of the Columbus Realtors trade group.

The combination of high demand and low supply pushed the median sales price of a central Ohio
home to $155,250, 3.5 percent above last May. For the year, prices are up 7 percent.

Rising prices and a shortage of homes caused sales to drop for the fifth straight month.
During the month, 2,569 central Ohio homes changed hands, 11.3 percent below last May. For the
year, sales are off 8 percent from a year ago.

Statewide, the story is similar. Home sales in May declined 4.4 percent from last year while
prices rose 2.9 percent.

Nationwide, however, sales rose 4.9 percent from April to a seasonally-adjusted annual rate
of 4.89 million. The median U.S. sales price rose 5.1 percent to $213,400.

National home sales were helped by inventory, which rose 2.2 percent to a 5.6-month supply at
the current sales pace.

“Home buyers are benefiting from slower price growth due to the much-needed rising inventory
levels seen since the beginning of the year,” said Lawrence Yun, chief economist with the National
Association of Realtors.