COLUMBUS, Ohio – Severe winter weather put home sales on ice in Columbus and the rest of Ohio during the month of January.
Sales last month in central Ohio were off 8.3 percent from a year ago and sales statewide fell 5.1 percent from January, 2013 according to data released Friday by the Columbus Board of Realtors and Ohio Association of Realtors.
“Looks like the historically adverse winter weather conditions have placed a temporary freeze on home sales as compared to last January,” board president Milt Lustnauer said.
Last month’s decline was the first in Ohio after 30 straight months of year-over-year gains, said OAR president Chris Hall.
“The Ohio housing market, for the first time in two-and-a-half years, experienced a reduction in activity levels. Certainly, the extreme weather conditions throughout the state during the month contributed to the downturn” Hall said.
Like ice dams choking streams, the slowdown in sales could result in a backup of unsold homes when the weather warms up.
“Given the demand, this may create a potential back log of home sales this spring,” Lustnauer said.
One factor in the sales slowdown is a smaller inventory – fewer homes on the market: The number of homes for sale in Ohio was 7.3 percent lower than last January, Hall said.
Sale prices continued their upward march. The median price of $128,000 in central Ohio was up 6.7 percent from a year ago. The average price was 7.8 percent higher and the statewide average increased 5.6 percent.