COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — More Central Ohio homebuyers backed out of contracts over the past last month, following a nationwide increase in mortgage rates.
Industry experts say it’s not clear if rising rates are solely to blame.
Sue Van Woerkom, president of Columbus Realtors, said she has seen more houses go back onto the market since April, coinciding with the Federal Reserve beginning a series of three interest rate hikes so far this year.
The Fed raised its target for interest rates by three-quarters of a percentage point in June, the biggest increase since 1994 following smaller rate increases in May and March.
Mortgage rates are now up significantly from where they were a year ago and during the height of the pandemic.
From June 15 to June 30, there were 2,418 new homes listed for sale, according to Columbus Realtors data. Of those, 414 went back onto the market after going under contract. That’s a 30% percent change from the last two weeks of April, Van Woerkom said.
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