(COLUMBUS BUSINESS FIRST) — Local experts say a continued lack of inventory is causing home prices to rise and sales to decline.

Last month, the median home sales price in Franklin County increased from the previous year while home sales decreased, according to the Franklin County Auditor. The median sales price was $241,500, a 12% increase from March 2021, with 263 fewer sales.

“We look at data and it shows this lack of inventory it impacts housing affordability. It’s causing prices to go up,” Jon Melchi, executive director of the Building Industry Association of Central Ohio, said. “We need to break the cycle and meet the demand that’s in the market.”

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