The number of central Ohio home closings in May significantly outpaced the records set in April 2010 and eclipsed sales figures from May 2009. The 2,401 closings last month exceeded April by 14.7% and rose above May 2009 by 32.7%. Thus far in 2010, home sales have surpassed 2009 by 24%!

The recent drop in mortgage interest rates creates a new low for eager home buyers to enjoy. According to a report from Freddie Mac, 30-year, fixed-rate mortgages averaged 4.57% for the week ending July 8, down from the previous week's average of 4.58% and last year's average of 5.20%. This rate represents yet another all-time low in Freddie Mac’s 39-year survey. In comparison, rates in July 1982 were 16.82% — and, since 1971, only five months have ever recorded rates below 5.00%.

Columbus ranked second in the nation in the latest Housing Markets Forecast released by Housing Predictor. The study looked at 250 market indicators to assess the likelihood of housing price increases. Optimism abounds in markets across the nation as many cities expect to see appreciation in 2010.

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