Columbia Home Sales Soar in July

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COLUMBIA - Columbia has exceeded year-over-year home sales by almost a hundred single family homes. Home sales in the Federal Reserve's Eighth District have continued their increase on a year-over-year basis according to a recent Federal Reserve release.

The Federal Reserve Eighth district includes Little Rock, Memphis, St. Louis and Louisville. The numbers from June through August show a nine percent increase in St. Louis. Statistics from the Columbia Board of Realtors show Columbia has exeeded those numbers.

"Single family home sales have increased 43 percent from July 2012 to July 2013," said Board President, Jessica Kempf.

In July 2013, there were 299 single family homes sold compared to 2012 when 209 homes sold. Those numbers have continued to increase year-to-year since July 2010. 

Kempf said while home sales increase, so have home prices. The demand for homes is also much greater than the amount of homes on the market. Experts can tell how well the homes are selling by checking the absorbtion rate. The absorbtion rate shows how long it will take to sell the number of homes currently on the market. 

"Currently for July, it was 2.8 months, which means it will take 2.8 months to sell all of the active listings," said Kempf. "In a healthy market it ranges anywhere from four to six months."

With a number that low, homes are going fast. Numbers for August should be released by September 16th.