The Columbus, Ohio real estate market isn’t cooling down yet

The Columbus real estate market is holding up for now.

Why is this important: We keep hearing about a stock market crash, but so far the local data doesn’t confirm it.

• Pending home sales fell just 0.5% and median home sales prices rose 14% from May 2021 to May 2022, while new listings fell 4.2%.

Yes, but: These changes are very small and 2021 was a banner year.

• If more announcements flood the market this summer and buyers don’t bite, that’s when we might start to see more power flowing into buyers’ hands.

Zoom out: Nationally, mortgage applications are down 24% over the same period. On average, 6.5% of sellers lowered their asking price each week in June, according to Redfin’s latest market update.

• In June, national pending home sales were down 13% from the same time last year – the biggest drop since May 2020, according to Redfin’s report.

The bottom line: We don’t see any major changes in Columbus yet, but we are starting to see early, albeit slight, signs of a cooler market ahead.