The number of homes sold in central Ohio is down 1.8 percent so far this year compared to the first five months of 2024, according to new figures from Columbus Realtors.

Though sales have declined, the average price of a home sold in the region continues to rise. The average home price for a home sold this year is $368,683, which is 3.1 percent higher than a year ago.

The average price for a home sold in May was up 0.7 percent from May 2024 to $388,704, according to Columbus Realtors.

The number of homes sold last month was nearly the same as a year ago — sales were down 0.1 percent from 2,839 homes sold in May 2024 to 2,835 homes sold last month.

Columbus Realtors officials say the local housing market “showed signs of rebalancing in May, thanks to increased inventory and steady interest from buyers. While closed sales remained nearly identical to those in 2024, the significant change continues to be an influx of new listings, which have given buyers the choices they have been lacking in recent years.”

In April, inventory rose to 4,432 homes and in May, there was a 10 percent increase to 4,828 single-family homes and condominiums on the market.

Year over year, inventory is up 36 percent in the region, continuing a trend that began last year.

“The home seller is the story of the summer so far,” said Columbus Realtors President Buffie Patterson. “Our inventory growth has given buyers more choices, but we’re seeing buyers move at a more traditional pace. The urgency buyers felt in years past is gone, and that’s a good thing for a more stable, sustainable market.”

Homes are also taking longer to sell.

The average number of days on market climbed to 28 days in May, a 27 percent increase from the 22-day average in May 2024.

“While this marks a shift toward a more balanced market, it’s important to note that homes are still selling quickly by historical standards,” noted Columbus Realtors officials.

The median sales price has increased by 1.7 percent to $335,500, and homes are selling on average at the asking price.

Columbus Realtors officials say mortgage rates continue to have a significant impact on home sales.

The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7 percent, which it set in mid-January, according to mortgage buyer Freddie Mac.

The low point for this year arrived five weeks ago, when the average rate briefly dropped to 6.62 percent. Last week it averaged 6.81 percent, according to Freddie Mac.

“With rates where they are, that can impact the housing market in many ways,” said Patterson. “Builders are not as motivated to develop, potential sellers feel locked into their lower rates and, conversely, potential buyers have less buying power.”

Statewide, homes sales fell 1.3 percent last month compared to May 2024, according to Ohio Realtors.

There were 12,557 homes sold in the state last month.

The average sales price across Ohio was $313,733, a 2.7 percent increase from the $305,557 mark posted in May 2024.

“Ohio’s May home sales data shows signs of a normal, healthy market,” said Ohio Realtors President Michelle Billings. “Home prices have stabilized, making the market more attractive to potential buyers, while remaining ahead of last year — signaling that homeownership continues to be an excellent investment.”

Around the state, 13 out of 14 markets experienced an increase in average sale price for the month compared to May 2024.

During the first five months of the year, home sales in the state are down 1.9 percent compared to January-May 2024.

The average sales price for the year is $294,401, a 4.9 percent increase from the $280,542 mark a year ago.