The economy created more downward pressures on the real estate market in October in central Ohio. There were 1,609 single-family homes and condominiums sold during October, 9.8 percent behind the same month in 2007, but still in keeping with pre-boom sales levels.

"The economy has eroded the consumer confidence of buyers and many are still waiting to see what will happen and if we have reached bottom. " says Larry Schottenstein, President of Revealty.

In September we started to see the strong contractions in the stock market, which effected the sales for October. This not only effected the confidence of buyers but has impacted the ability to fund a transaction.

One encouraging sign is the drop in the inventory level of homes. October saw the area's lowest inventory since December 2006. With 15,798 listings, the market had fewer homes for sale than at any other time in nearly two years, supporting the market correction the housing industry seeks. 

New listings also fell in October to their lowest point this year, another key indication that the central Ohio market is returning to pre-boom inventory levels.

"Compared to other markets Columbus hasn't taken as a severe of a hit. As the inventory drops and comes more into line with the number of buyers that can absorb the homes you will start to see price stabilization", according to Larry Schottenstein.

Sales prices in October were less than one percent behind those in October 2007. The average sale price of a home was $163,774 last month, compared with $164,844 in October 2007.