93.9 The Eagle – The News and Talk of Columbia, MO
While final numbers are still being calculated, Columbia home sales were down 16 percent for the year for 2023, through late October. Central Bank of Boone County president Ed Scavone joined host Fred Parry in-studio Saturday morning on 939 the Eagle’s “CEO Roundtable.”
“People are locked into their rate right now because three percent rate, you want to move up to another house. You can’t pay seven percent, why would you do that? So all the refinance business is gone, so it’s just who’s going to be buying houses right now. And supply has been an issue and will continue to be an issue,” Scavone says.
Mr. Scavone tells listeners that the median home value in Boone County is now $350,000 and that 75 percent of the homes sold in Boone County in 2023 were under $400,000. He also says there are some supply issues in the local housing market.
“I was talking to a contractor, you can’t order drywall in Columbia, Missouri in 2024. It’s backlogged that much, so you to go to suppliers outside of our market for drywall,” says Scavone.
You can listen to Fred’s full interview with Mr. Scavone here.
