COLUMBUS, Ohio (WCMH) – Interest rates are rising as are the costs of homes around the country.

New data released by the National Association of Realtors also reveals what markets across the nation are experiencing, revealing the number of homes sold matched levels seen during the peak of the Great Recession.

What does that mean for home buyers or sellers in central Ohio?

Real estate agent Danielle Alexander with Coldwell Banker explained the data used by the association takes a wide picture look, but the outlook in Columbus is different.

“The market here in Columbus, Ohio, is unlike any other market,” Alexander said.

During the recession, the market was completely different, Alexander said, saying that in 2008, there were more homes for sale and fewer buyers interested. In the current market, there’s a huge demand for homes along with supply and demand issues.

Alexander said the region is in a good position with new industries and thriving cities.

“For the last 10 years, near the city of Columbus, we’ve had Gahanna, we’ve had Reynoldsburg, we’ve had the Short North area ranked in the top seven places to live by realtor.com,” she said.

But many in the housing market are also grappling with rising interest rates.

Bruce Weinberg, a professor of economics and public policy at Ohio State University, said that while he can’t predict when the interest rate, currently nearly 8%, will fall, the Federal Reserve is taking the data daily, which will play into when it decides to roll back rates.

“I think the reality is the federal reserve itself doesn’t really know when rates are going to come down because I think they are taking in data as it comes and seeing what’s happening,” he said. 

Many lenders and agents are well aware of the interest uncertainty and are working to entice homebuyers, Alexander said. Those deals include deeply discounted upgrades like finished basements or multi-thousand-dollar grants.

“Lenders realize rates need to come down so realtors and also lenders are really stepping up to make sure that financing is affordable and attainable for buyers,” Alexander said.