Home sales remain frozen in February

For second straight month, year-over-year sales decline.
Norwalk Reflector Staff
Mar 20, 2014

 

The number of homes sold across Ohio in February fell 4.3 percent from the level posted during the month a year ago, according to the Ohio Association of Realtors.

Home sales activity in February fell 2.9 percent from the level reached in January 2014.

“Extreme winter conditions played a role in cooling homes sales activity throughout Ohio, as our level of activity slid slightly for the second consecutive month,” said Chris Hall, president of the Ohio Association of Realtors. “A survey of the state’s real estate professionals conducted during the month found that two-thirds of respondents indicated that the cold, snowy conditions resulted in a marked decline in home buying activity.

“Additionally, it’s apparent that the marketplace, as a whole, is becoming more balanced following an unprecedented streak of 30 months of year-over-year gains. The ongoing stabilization of the state’s housing sector will result in traditional ebbs and flows in activity.”

February’s average home price of $130,082 reflects a 4 percent increase from the $125,061 mark posted during the month last year.

Sales in February reached a seasonally adjusted annual rate of 116,636, a 4.3 percent decrease from the 121,880 level during the month a year ago. The market also experienced a 2.9 percent decline in sales from January’s upwardly revised, seasonally adjusted annual rate of 120,119.

Around the state, 16 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.  Click here to view the methods addressing OAR’s reporting of home sales activity.

To view OAR’s seasonally adjusted Ohio home sales report and a market by market analysis of sales activity throughout Ohio and local contact information, click here.