The number of homes sold across Ohio in January fell 5.1 percent from the level posted during the month a year ago, the first downturn in sales activity the market has posted following 30 consecutive months of year-over-year gains, according to the Ohio Association of REALTORS.
Home sales activity in January fell 5.1 percent from the level reached in December 2013.
“The Ohio housing market, for the first time in two-and-a-half years, experienced a reduction in activity levels,” said Chris Hall, president of the Ohio Association of REALTORS. “Certainly, the extreme weather conditions throughout the state during the month contributed to the downturn.
“Our January sales results are also reflective of a more balance, stable marketplace – one that will experience traditional ebbs and flows in activity levels throughout the year.”
January’s average home price of $127,327 reflects a 5.6 percent increase from the $120,533 mark posted during the month last year.
Sales in January reached a seasonally adjusted annual rate of 119,980, a 5.1 percent decrease from the 126,462 level during the month a year ago. The market also experienced a 5.1 percent decline in sales from December’s seasonally adjusted annual rate of 126,396.
Around the state, 14 of the 20 markets tracked reported declines in sales activity levels. The average sales price increased in 14 markets.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. The Ohio Association of REALTORS®, with more than 27,000 members, is the largest professional trade association in Ohio.